The case involves an application filed by the Resolution Professional of Unijules Life Sciences Ltd. under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking reliefs related to the adjustment of pre-CIRP tax dues against post-CIRP tax refunds by the Income Tax Department.
The Resolution Professional of Unijules Life Sciences Ltd. filed an application seeking to declare the adjustment of pre-CIRP tax dues against post-CIRP tax refunds by the Respondent as illegal.
CIRP was commenced on 8.3.2019 based on an application filed by Punjab National Bank under Section 7 of the IBC.
The Income Tax Department filed their claim on 1.4.2019 in Form 'B' before the Applicant.
The Applicant intimated the Respondent that their claim had been admitted to the tune of INR 64,06,02,139/- as Operational Creditor.
The Respondent Income Tax Department adjusted demands outstanding for A.Y. 2006-07, 2007-08 and 2011-12 against the refunds claimed in the Income Tax Return filed by the Applicant Resolution Professional after commencement of CIRP period.
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CIRP was commenced on 8.3.2019 by this Tribunal…
The Respondent Income Tax Department had…
The case involves an application filed by the Resolution Professional of Unijules Life Sciences Ltd. under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking reliefs related to the adjustment of pre-CIRP tax dues against post-CIRP tax refunds by the Income Tax Department.
The Resolution Professional of Unijules Life Sciences Ltd. filed an application seeking to declare the adjustment of pre-CIRP tax dues against post-CIRP tax refunds by the Respondent as illegal.
CIRP was commenced on 8.3.2019 based on an application filed by Punjab National Bank under Section 7 of the IBC.
The Income Tax Department filed their claim on 1.4.2019 in Form 'B' before the Applicant.
The Applicant intimated the Respondent that their claim had been admitted to the tune of INR 64,06,02,139/- as Operational Creditor.
The Respondent Income Tax Department adjusted demands outstanding for A.Y. 2006-07, 2007-08 and 2011-12 against the refunds claimed in the Income Tax Return filed by the Applicant Resolution Professional after commencement of CIRP period.
…CIRP was commenced on 8.3.2019 by this Tribunal…
The Respondent Income Tax Department had…