Revenue entitlement to recover dues for the period which ...

Income Tax

November 5, 2023

Revenue entitlement to recover dues for the period which precedes the date of approval of the RP by the NCLT under IBC - Extinguishment of liability as per the approved resolution plan - A successful applicant is, in law, provided with a “clean slate”; therefore, dues for the period prior to the date when the RP was approved cannot be recovered. The courts have recognized this principle in more than one case. - HC

View Source

← Previous Next →

Revenue entitlement to recover dues for the period which ...

Income Tax

November 5, 2023

You may also like:

Right to apply under Section 9 of IBC - Regulatory Dues versus Operational Debt’ - failure to pay requisite Annual Listing fees (“ALF”) on or before the 30th day of...

Recovery of Debt - time limitation - proceedings to recover the NPA under the IBC Act - NCLT applied Article 62 of the limitation act - the NCLT wrongly reached the...

IBC - Auction sale - The outstanding dues of the property tax relating to period prior to sale confirmation are thus dues that are akin to claim of an unsecured creditor...

Validity of demand notice based on the order secured by the petitioner from NCLT - Corporate Insolvency Resolution Plan approved by the NCLT which proposed a NIL value...

Initiation of CIRP - NCLT admitted the application - No outstanding dues - The intent of IBC is not to facilitate recovery for creditors - it is agreed that once all...

Initiation of CIRP - Operational Creditors - pre-existence of dispute - The NCLT, exercising powers under Section 7 or Section 9 of IBC, is not a debt collection forum....

CIRP in progress - moratorium in effect - recovery of dues from NPA - It is claimed that since the moratorium under Section 14 of the IBC has ceased to subsist after the...

Initiation of CIRP - NCLT rejected the application of appellant u/s 9 - Period of limitation - The Ld. Adjudicating Authority has taken note of the fact that the Demand...

Recovery of demand - It is noted that IBC proceedings are being initiated against many companies who are either appellant or respondent in the appeals pending before...

CIRP Proceedings under IBC versus Tax Dues / Statutory Dues - The High court noted that NCLT should have been cautious before approving the Corporate Insolvency...

Right of the Resolution Professional - Non-cooperation by the Directors of Corporate Debtor - NCLT rejected the application of RP with cost of Rs. 25000/--...

Jurisdiction of NCLT to Remove Resolution Professional - the Appellant was proceeding contrary to the statutory provisions as contained in the IBC and also delaying the...

CIRP - Recovery of dues of central excise duty form Corporate debtor - Revenue has not filed the claim when it was invited by the RP - At this belated stage no fund is...

Recovery of dues from company - employees dues - priority claim on debts - - Section 529A of the Companies Act, which gives workers’ dues a priority over all other...

Adjustment of interest amount from sanctioned rebate claim - such extra ordinary power to recover are only available for recovery of adjudicated dues, or admitted dues...

Quick Updates: