The case involves an Interlocutory Application (I.A. No. 366/MP/2025) filed by the Resolution Professional (Nishant Agrawal) of Shree Geeta Textile Mills Private Limited, the Corporate Debtor, under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016. The application seeks directions against the Income Tax Department (ITD) for illegally and unilaterally adjusting an income tax refund of Rs. 4,95,720/- due to the Corporate Debtor against a pre-CIRP outstanding demand during the moratorium period.
The Corporate Debtor, Shree Geeta Textile Mills Private Limited, was admitted into CIRP vide order dated 13.11.2024.
A moratorium under Section 14 of the IBC came into effect from 13.11.2024.
The Income Tax Department (ITD) adjusted an income tax refund of Rs. 4,95,720/- due to the Corporate Debtor against a pre-CIRP outstanding demand on 22.11.2024.
The adjustment was made by the Centralised Processing Centre (CPC), Bengaluru.
The Resolution Professional objected to the adjustment, contending that it violated the moratorium under Section 14 of the IBC.
The Income Tax Department claimed that the adjustment was automatic and that they were unaware of the moratorium at the time of the adjustment.
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The case involves an Interlocutory Application (I.A. No. 366/MP/2025) filed by the Resolution Professional (Nishant Agrawal) of Shree Geeta Textile Mills Private Limited, the Corporate Debtor, under Section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016. The application seeks directions against the Income Tax Department (ITD) for illegally and unilaterally adjusting an income tax refund of Rs. 4,95,720/- due to the Corporate Debtor against a pre-CIRP outstanding demand during the moratorium period.
The Corporate Debtor, Shree Geeta Textile Mills Private Limited, was admitted into CIRP vide order dated 13.11.2024.
A moratorium under Section 14 of the IBC came into effect from 13.11.2024.
The Income Tax Department (ITD) adjusted an income tax refund of Rs. 4,95,720/- due to the Corporate Debtor against a pre-CIRP outstanding demand on 22.11.2024.
The adjustment was made by the Centralised Processing Centre (CPC), Bengaluru.
The Resolution Professional objected to the adjustment, contending that it violated the moratorium under Section 14 of the IBC.
The Income Tax Department claimed that the adjustment was automatic and that they were unaware of the moratorium at the time of the adjustment.
…Assessment Order passed for A.Y. 2022–23 under…
Intimation sent to the assessee under Section…