# In the matter of Lakshmi Energy and Foods Pvt. Ltd. IA No. 1854-2022 in CP (IB) No.73-Chd-Chd-2018

> NCLT judgment dated 2023-07-06. Citation: TCN-2023-NCLT-02641. 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-02641
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lakshmi-energy-and-foods-pvt-ltd-ia-no-1854-2022-in-cp-ib-no73-chd-chd-2018-9ac39392

## 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 applicant's claims. The Corporate Insolvency Resolution Process (CIRP) was initiated against Lakshmi Energy & Foods Ltd. on 03.09.2019. Mr. Ravinder Agarwal was appointed as Interim Resolution Professional, later replaced by Mr. Kuldip Kumar Bassi. On 27.07.2021, the tribunal ordered the commencement of the liquidation process and appointed Mr. Kuldip Kumar Bassi as the liquidator. The applicant filed claims in Form-B amounting to Rs.126,58,50,964/- vide letters dated 16.03.2022, 25.08.2022, and 04.11.2022.

## Facts

The Principal Commissioner of Income Tax (Central), Ludhiana, filed an application to set aside the liquidator's rejection of their claim against Lakshmi Energy & Foods Ltd. The CIRP was initiated on 03.09.2019, followed by a liquidation order on 27.07.2021, with Mr. Kuldip Kumar Bassi as liquidator. The Income Tax Department filed claims totaling Rs. 126,58,50,964/- on 16.03.2022, 25.08.2022, and 04.11.2022, which were rejected by the liquidator on 07.11.2022 for being filed after the last date of submission (25.08.2021). The Income Tax Department argued that their claims should be considered as the liquidation was not finalized, relying on Section 40 of the IBC and a NCLT Kolkata bench judgment. The liquidator contended that the claims were filed with significant

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## Issues and analysis

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

**Ratio:** Regulation 12(2) of the IBBI (Liquidation Process) Regulations, 2016, stipulates that the

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**Reasoning:** The tribunal reasoned that the Income Tax Department had already filed its claim during

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**Interpretation:** This regulation clarifies that claims filed during CIRP are deemed to be filed

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**Application:** The tribunal applied this regulation to the facts of the case, holding that the

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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…
- **2021-07-27 — Liquidation…**: Tribunal passed an order for the…

## 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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