The case involves an application (IA/5957/2024) filed by the Assistant Commissioner of CGST & Cen. Ex against M/S Zicom Electronic Security Systems Ltd, the Corporate Debtor, regarding the availment of ineligible Input Tax Credit (ITC) for FY 2018-19. The applicant claims that the corporate debtor availed ITC after the due date, violating Section 16(4) of the CGST Act, 2017. The Resolution Professional (Respondent No. 2) rejected the applicant's claim, citing delay and the approval of the Resolution Plan by the Committee of Creditors (CoC).
IDBI Bank Limited initiated CIRP against M/S. Zicom Electronic Security Systems Limited under Section 7 of the IBC.
The CIRP was initiated on 29-07-2022 due to a default of ₹80,62,61,990.21.
Huzefa Fakhri Sitabkhan was appointed as the IRP and later confirmed as the Resolution Professional.
The Assistant Commissioner of CGST & Cen. Ex filed a claim for recovery of Rs. 1,55,11,052/- plus interest and penalty through Form B dated 05-03-2024.
The applicant's claim pertains to ineligible ITC availed by the Corporate Debtor for FY 2018-19.
The Resolution Professional rejected the claim, citing delay and the approval of the Resolution Plan by the CoC.
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CIRP against the Corporate Debtor was…
A public announcement…
The case involves an application (IA/5957/2024) filed by the Assistant Commissioner of CGST & Cen. Ex against M/S Zicom Electronic Security Systems Ltd, the Corporate Debtor, regarding the availment of ineligible Input Tax Credit (ITC) for FY 2018-19. The applicant claims that the corporate debtor availed ITC after the due date, violating Section 16(4) of the CGST Act, 2017. The Resolution Professional (Respondent No. 2) rejected the applicant's claim, citing delay and the approval of the Resolution Plan by the Committee of Creditors (CoC).
IDBI Bank Limited initiated CIRP against M/S. Zicom Electronic Security Systems Limited under Section 7 of the IBC.
The CIRP was initiated on 29-07-2022 due to a default of ₹80,62,61,990.21.
Huzefa Fakhri Sitabkhan was appointed as the IRP and later confirmed as the Resolution Professional.
The Assistant Commissioner of CGST & Cen. Ex filed a claim for recovery of Rs. 1,55,11,052/- plus interest and penalty through Form B dated 05-03-2024.
The applicant's claim pertains to ineligible ITC availed by the Corporate Debtor for FY 2018-19.
The Resolution Professional rejected the claim, citing delay and the approval of the Resolution Plan by the CoC.
…CIRP against the Corporate Debtor was…
A public announcement…