The Liquidator filed an application under Section 35(1)(n) of the Insolvency and Bankruptcy Code, 2016, seeking the removal of a garnishee order, declaration of a debit transaction as void, and reversal of the debit transaction with interest into the liquidation account. This application arose because the Directorate of Commercial Taxes issued a garnishee order against the corporate debtor's account during liquidation, leading to the dishonour of cheques issued by the Liquidator and subsequent debit of funds by YES Bank.
Hempragati Vyapaar Private Limited, a financial creditor, filed a petition under section 7 of the Insolvency and Bankruptcy Code, 2016, against JPM Exports Private Limited, the corporate debtor. This petition led to the initiation of the Corporate Insolvency Resolution Process ( CIRP ) against JPM Exports Private Limited, which was admitted by the Adjudicating Authority on January 27, 2021. Subsequently, an order of liquidation was passed against the corporate debtor on December 21, 2021, and Avishek Gupta was appointed as the Liquidator. Following the public announcement for claims, the Liquidator received a claim from the Commercial Tax Department for Rs.5,77,166/-, which was admitted in full. Despite this, the Directorate of Commercial Taxes, West Bengal, sent a
…Sign in to view the parties.
The Adjudicating Authority admitted the…
An order of liquidation of the Corporate…
The Liquidator filed an application under Section 35(1)(n) of the Insolvency and Bankruptcy Code, 2016, seeking the removal of a garnishee order, declaration of a debit transaction as void, and reversal of the debit transaction with interest into the liquidation account. This application arose because the Directorate of Commercial Taxes issued a garnishee order against the corporate debtor's account during liquidation, leading to the dishonour of cheques issued by the Liquidator and subsequent debit of funds by YES Bank.
Hempragati Vyapaar Private Limited, a financial creditor, filed a petition under section 7 of the Insolvency and Bankruptcy Code, 2016, against JPM Exports Private Limited, the corporate debtor. This petition led to the initiation of the Corporate Insolvency Resolution Process ( CIRP ) against JPM Exports Private Limited, which was admitted by the Adjudicating Authority on January 27, 2021. Subsequently, an order of liquidation was passed against the corporate debtor on December 21, 2021, and Avishek Gupta was appointed as the Liquidator. Following the public announcement for claims, the Liquidator received a claim from the Commercial Tax Department for Rs.5,77,166/-, which was admitted in full. Despite this, the Directorate of Commercial Taxes, West Bengal, sent a
…The Adjudicating Authority admitted the…
An order of liquidation of the Corporate…