The case pertains to IA No. 307/2021 in CP (IB) No. 337/Chd/Hry/2018, an application filed by the Resolution Professional seeking directions against the Income Tax Department to refund a recovery of Rs. 85,04,845 made on 16.06.2020. The Corporate Insolvency Resolution Process (CIRP) against NavJyoti Limited was initiated on 12.02.2019. A moratorium under Section 14 of the Insolvency and Bankruptcy Code was declared. The Resolution Professional was appointed on 26.03.2019. An application for liquidation of the corporate debtor, IA No. 1107/2019, is pending approval.
The Corporate Insolvency Resolution Process (CIRP) was initiated against NavJyoti Limited on 12.02.2019. A moratorium was declared under Section 14 of the Insolvency and Bankruptcy Code. The Income Tax Department recovered Rs. 85,04,845 on 16.06.2020, during the moratorium period, by appropriating advance tax/TDS against outstanding demands. According to an intimation order dated 02.10.2019, the corporate debtor was entitled to a refund of Rs. 85,04,845 for the assessment year 2018-19. The Resolution Professional requested a refund of the recovered amount, citing the moratorium provisions. The Income Tax Department claimed a huge demand of Rs. 71,70,17,298 was outstanding against the assessee and the refund was adjusted against this demand. The Resolution Professional
…Sign in to view the parties.
Corporate Insolvency…
A moratorium under…
The case pertains to IA No. 307/2021 in CP (IB) No. 337/Chd/Hry/2018, an application filed by the Resolution Professional seeking directions against the Income Tax Department to refund a recovery of Rs. 85,04,845 made on 16.06.2020. The Corporate Insolvency Resolution Process (CIRP) against NavJyoti Limited was initiated on 12.02.2019. A moratorium under Section 14 of the Insolvency and Bankruptcy Code was declared. The Resolution Professional was appointed on 26.03.2019. An application for liquidation of the corporate debtor, IA No. 1107/2019, is pending approval.
The Corporate Insolvency Resolution Process (CIRP) was initiated against NavJyoti Limited on 12.02.2019. A moratorium was declared under Section 14 of the Insolvency and Bankruptcy Code. The Income Tax Department recovered Rs. 85,04,845 on 16.06.2020, during the moratorium period, by appropriating advance tax/TDS against outstanding demands. According to an intimation order dated 02.10.2019, the corporate debtor was entitled to a refund of Rs. 85,04,845 for the assessment year 2018-19. The Resolution Professional requested a refund of the recovered amount, citing the moratorium provisions. The Income Tax Department claimed a huge demand of Rs. 71,70,17,298 was outstanding against the assessee and the refund was adjusted against this demand. The Resolution Professional
…Corporate Insolvency…
A moratorium under…