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NATIONAL COMPANY LAW APPELLATE TRIBUNAL
Barun Mitra, Member (Technical)
Mr. Devarajan Raman – Appellant
Versus
Principal Commissioner Income Tax, (Mumbai-1) – Respondent
| Table of Content |
|---|
| 1. overview of appeal and procedural background. (Para 1 , 2 , 3) |
| 2. arguments regarding moratorium and tax set-off implications. (Para 4 , 5 , 6) |
| 3. court's observations on the interpretation of ibc provisions. (Para 11 , 12) |
| 4. determination of creditor rights during cirp and post-liquidation. (Para 18 , 19) |
| 5. final directive on refund of improperly adjusted amounts. (Para 23) |
JUDGMENT
[Per: Barun Mitra, Member (Technical)]
The present appeal filed under Section 61 of Insolvency and Bankruptcy Code 2016 (‘IBC’ in short) by the Appellant arises out of the Order dated 16.06.2023 (hereinafter referred to as ‘Impugned Order’) passed by the Adjudicating Authority, National Company Law Tribunal, Mumbai Bench-IV in IA-117/2022 in CP (IB) No. 3269/MB-IV/2019. By the impugned order, the Adjudicating Authority dismissed the application filed by the Liquidator seeking direction to the present Respondents for refund of an amount of Rs. 90,42,174/- which had been adjusted by them against outstanding tax liability of the Corporate Debtor while moratorium under Section 14 of the IBC was in effect. Aggrieved by this order, the present appeal has been preferred by the Liquidator – App
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