Bank of Baroda initiated Corporate Insolvency Resolution Process (CIRP) against Varia Engineering Works Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was initiated on 21.12.2017. Subsequently, an order for liquidation was passed on 22.07.2019, and a liquidator was appointed. The liquidator sold the assets of the Corporate Debtor through e-auctions. During these sales, TDS amounting to Rs. 28,92,101/- was deducted by the purchasers as per the Income Tax Act. The liquidator sought access to the Income Tax Portal of the Corporate Debtor, which was denied by the Deputy Commissioner of Income Tax. The liquidator argued that they are only required to prepare receipts and cannot file returns for the Corporate Debtor, leading to
…1. Bank of Baroda initiated CIRP against Varia Engineering Works Private Limited under Section 7 of IBC in 2017 (CP(IB) No.149 of 2017).
2. CIRP was initiated on 21.12.2017.
3. Liquidation order was passed on 22.07.2019, and a liquidator was appointed.
4. The liquidator sold assets of the Corporate Debtor through e-auctions.
5. TDS of Rs. 28,92,101/- was deducted by purchasers as per Income Tax Act.
6. Liquidator's request for access to Corporate Debtor's Income Tax Portal was denied.
7. Liquidator argued they cannot file returns for the Corporate Debtor, leading to unclaimed TDS.
8. The Income Tax Department stated that Section 194-IA of Income Tax Act mandates TDS deduction and that the Income Tax Act is a fiscal provision.
9. The liquidator argued that Section 53 of IBC
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CIRP was initiated…
Order for liquidation…
Bank of Baroda initiated Corporate Insolvency Resolution Process (CIRP) against Varia Engineering Works Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The CIRP was initiated on 21.12.2017. Subsequently, an order for liquidation was passed on 22.07.2019, and a liquidator was appointed. The liquidator sold the assets of the Corporate Debtor through e-auctions. During these sales, TDS amounting to Rs. 28,92,101/- was deducted by the purchasers as per the Income Tax Act. The liquidator sought access to the Income Tax Portal of the Corporate Debtor, which was denied by the Deputy Commissioner of Income Tax. The liquidator argued that they are only required to prepare receipts and cannot file returns for the Corporate Debtor, leading to
…1. Bank of Baroda initiated CIRP against Varia Engineering Works Private Limited under Section 7 of IBC in 2017 (CP(IB) No.149 of 2017).
2. CIRP was initiated on 21.12.2017.
3. Liquidation order was passed on 22.07.2019, and a liquidator was appointed.
4. The liquidator sold assets of the Corporate Debtor through e-auctions.
5. TDS of Rs. 28,92,101/- was deducted by purchasers as per Income Tax Act.
6. Liquidator's request for access to Corporate Debtor's Income Tax Portal was denied.
7. Liquidator argued they cannot file returns for the Corporate Debtor, leading to unclaimed TDS.
8. The Income Tax Department stated that Section 194-IA of Income Tax Act mandates TDS deduction and that the Income Tax Act is a fiscal provision.
9. The liquidator argued that Section 53 of IBC
CIRP was initiated…
Order for liquidation…