ORDER

(Heard through Hybrid)

This application has been filed by the Canara bank of India under Section 60 (5) of Insolvency and Bankruptcy Code 2016 r/w Rule 11 of NCLT Rules 2016 by Canara Bank against Mr. B. Ramana Kumar (herein after referred to as Liquidator/ 1st Respondent and Income Tax Department (herein after referred to as 2nd Respondent) in seeking following reliefs:

(a) To Pass an order directing the 2nd Respondent to return the sum of Rs.1,12,58,549/- (Rupees One Crore Twelve Lakhs Fifty Eight Thousand Five Hundred and Forty Nine only) paid by the 1 Respondent on 21.07.2023 into the Liquidation Estate of the Corporate Debtor.

(b) To pass an order directing the 1st respondent liquidator to thereafter re- distribute the proceeds strictly in accordance with Section 53 of the code and IBBI (Liquidation Process) Regulation 2016 and thus render justice.

1. SUBMISSIONS OF THE APPLICANT:

(i) The applicant submits that the corporate debtor is a private limited company incorporate on 05.02.2008 and engaged in the business of manufacturing, assembling and marketing of electrical cont