# In the matter of Lakshmi Energy and Foods Pvt. Ltd.

> NCLT judgment dated 2023-07-06. Citation: TCN-2023-NCLT-02628. The Principal Commissioner of Income Tax (Central), Ludhiana, filed an application to set aside…

- **Court:** NCLT
- **Order date:** 6 Jul 2023
- **Citation:** TCN-2023-NCLT-02628
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lakshmi-energy-and-foods-pvt-ltd-a569c27a

## Summary

### Background

The Principal Commissioner of Income Tax (Central), Ludhiana, filed an application to set aside a letter dated 07.11.2022 issued by the liquidator of Lakshmi Energy & Foods Ltd., rejecting the claims of the applicant. The Corporate Insolvency Resolution Process (CIRP) was initiated against Lakshmi Energy & Foods Ltd. on 03.09.2019. Subsequently, a liquidation process commenced on 26.07.2021, with Mr. Kuldip Kumar Bassi appointed as the liquidator. The applicant filed claims in Form-B amounting to Rs. 126,58,50,964, which were rejected by the liquidator because they were received after the specified last date of submission, 25.08.2021.

## Facts

The Principal Commissioner of Income Tax (Central), Ludhiana, filed a claim against Lakshmi Energy & Foods Ltd., which is undergoing Corporate Insolvency Resolution Process (CIRP) and subsequent liquidation. The CIRP was initiated on 03.09.2019, and the liquidation commenced on 26.07.2021. The Income Tax Department filed claims amounting to Rs. 126,58,50,964, which were rejected by the liquidator, Mr. Kuldip Kumar Bassi, on 07.11.2022, because the claims were filed after the last date of submission, 25.08.2021. The Income Tax Department filed their claims on 16.03.2022, 25.08.2022, and 04.11.2022. The liquidator's public announcement seeking claims was made on 30.07.2021, with a deadline of 25.08.2021. The Income Tax Department's claim includes outstanding demands

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## Issues and analysis

### Issue 1: Whether the liquidator was justified in rejecting the claim of the Income Tax Department due to the …

**Ratio:** The liquidator has the power to admit or reject claims under Section 40 of the Insolvency

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**Reasoning:** The court considered the applicant's argument that the liquidation was not finalized and

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**Interpretation:** The court interpreted Section 40 of the IBC and Regulation 12 of the IBBI

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**Application:** The court applied the ratio to the facts of the case, noting that the Income

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Principal…
- **Respondents:** Lakshmi Energy…; Mohit Chawla,…

## Timeline

- **2019-09-03 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Lakshmi Energy & Foods…
- **2021-07-26 — Liquidation Com…**: Liquidation process commenced…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(30) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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