2018 (11) TMI 1866 - HC - Insolvency and Bankruptcy

Compliance with the directions contained in the impugned order - violation of provisions of the Income Tax Act 1961 - tripartite agreements with the banks and the liabilities towards the banks - HELD THAT - Issue notice to the respondent returnable on 13th December 2018. Till the next date of hearing there shall be an ad interim stay of operation of the impugned order dated 23rd October 2018.

Summary

The High Court of Delhi granted an exemption in a case where compliance with an order would require violating the Income Tax Act and tripartite agreements with banks. The court issued a notice to the respondent and stayed the operation of the order until the next hearing on December 13, 2018.