The case involves an application filed by the liquidator of Southern Batteries Pvt. Ltd., seeking a direction to the Income Tax Department to refund the amount of Rs.1,20,50,000/- paid as TDS on the liquidation auction sale of the corporate debtor's assets. The corporate debtor was ordered to be liquidated on March 2, 2023. The liquidator announced the 4th e-auction of the corporate debtor's assets on January 12, 2024, where Godha Realtors emerged as the successful auction purchaser. After deducting TDS, Godha Realtors paid the balance e-auction sale consideration. The Income Tax Department filed objections to the refund.
Southern Batteries Pvt. Ltd. was ordered to be liquidated on March 2, 2023. Shri Kanekal Chandrasekhar was appointed as the liquidator. The liquidator conducted an e-auction of the corporate debtor's assets on January 12, 2024. Godha Realtors emerged as the successful bidder with a bid of INR 127.50 crore. Godha Realtors paid Rs.1,20,50,000 as TDS. The results of the auction were announced on January 13, 2024, and a demand letter was issued to Godha Realtors on January 17, 2024. Godha Realtors paid the balance e-auction sale consideration of INR 126,29,50,000 after TDS deduction. The liquidator filed an application under Section 60(5) of the IBC, 2016, seeking a refund of the TDS amount. The Income Tax Department filed objections on July 22, 2024.
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Corporate Deb…
Liquidator announced…
The case involves an application filed by the liquidator of Southern Batteries Pvt. Ltd., seeking a direction to the Income Tax Department to refund the amount of Rs.1,20,50,000/- paid as TDS on the liquidation auction sale of the corporate debtor's assets. The corporate debtor was ordered to be liquidated on March 2, 2023. The liquidator announced the 4th e-auction of the corporate debtor's assets on January 12, 2024, where Godha Realtors emerged as the successful auction purchaser. After deducting TDS, Godha Realtors paid the balance e-auction sale consideration. The Income Tax Department filed objections to the refund.
Southern Batteries Pvt. Ltd. was ordered to be liquidated on March 2, 2023. Shri Kanekal Chandrasekhar was appointed as the liquidator. The liquidator conducted an e-auction of the corporate debtor's assets on January 12, 2024. Godha Realtors emerged as the successful bidder with a bid of INR 127.50 crore. Godha Realtors paid Rs.1,20,50,000 as TDS. The results of the auction were announced on January 13, 2024, and a demand letter was issued to Godha Realtors on January 17, 2024. Godha Realtors paid the balance e-auction sale consideration of INR 126,29,50,000 after TDS deduction. The liquidator filed an application under Section 60(5) of the IBC, 2016, seeking a refund of the TDS amount. The Income Tax Department filed objections on July 22, 2024.
Corporate Deb…
Liquidator announced…