IN THE NATIONAL COMPANY LAW TRIBUNAL

BENGALURU BENCH

(Exercising powers of Adjudicating Authority under

The Insolvency and Bankruptcy Code, 2016)

(Through Physical Hearing/VC Mode (Hybrid))

I.A. No. 310/2024

in

C.P. (IB) No.220/BB/2018

Application Under Section 35 (1) (n) of the

Insolvency & Bankruptcy Code, 2016 r/w Rule 11

Of the NCLT Rules, 2016

In the matter of:-

Shri. Konduru Prashanth Raju,

Liquidator of Base Corporation Ltd.,

B-804, Shriram Suhaana Apartments,

Harohalli, Nagenahalli Gate,

Yelahanka, Bengaluru - 560064 ... Applicant

Versus

1.The Assessing Officer

ITO Ward- 1 (1) (3)

Circle 1(1)(1),

BMTC Building, Koramangala

Bengaluru - 560095 … Respondents

2.Commissioner of Income

Tax Circle 1(1)(1),

Pr. CIT/CIT, B-1,

BMTC Building,

Koramangala,

Bengaluru - 560095.

3. Principle Chief Commissioner of Income Tax

Circle 4(1)(1), CCIT,

BMTC Building,

Koramangala,

Bengaluru - 560095.

4. Deputy Director of Income Tax

Central Processing Center,

Income Tax Department,

Bengaluru-560500. …. Respondents

Order delivered on: 25.07. 2025

CORAM: 1. Hon’ble Shri Sunil Kumar Aggarwal, Member (Judicial)

2. Hon’ble Shri Radhakrishna Sreepada, Member (Technical)

PRESENT:

For Liquidator : Mrs. Lakshmi Menon

O R D E R

Per RADHAKRISHNA SREEPADA, Member(Technical)

1. The present Application is filed by the Mr.Konduru Prashanth Raju, Liquidator of Base Corporation Limited (hereinafter referred as “Applicant”) under Section 35 (1) (n) of the I & B Code, 2016 read with Rule 11 of the National Company Law Tribunal, 2016 against The Assessing Officer and 3 others (hereinafter referred as “Respondents”).

2. Facts of the case mentioned by the Applicants in this application are:

a. It is stated that in the present main petition the insolvency proceedings against the corporate Debtor was initiated on 02.08.2019 and Mr. Aashish Gupta was appointed as Interim Resolution Professional (IRP). Thereafter, in the 11^th meeting, the Final resolution plan was put up to be approved by the Committee of Creditors (COC) by way of e-voting on 30.08.2020, however, the final resolution plan was rejected by the CoC on 02.08.2020.

b. The application was filed for liquidation of the Corporate Debtor under Section 33 (1) of the Code, which was admitted by this Adjudicating Authority vide order dated 26.04.2022 and the Applicant herein Mr. Konduru Prashanth Raju was appointed as Liquidator.

c. Subsequently, the Applicant formed the Consultation Committee of Stakeholders (hereinafter referred as SCC). The Applicant thereafter conducted several meetings with the SCC and the reports to the same have been filed before this Tribunal. Currently, the Liquidator has been in the process of auctioning the assets of the CD through public auction. The assets of the CD namely, the flat at Mumbai as well as the Plant at HOsur have already sold in the auction to the highest bidders, on a going concern basis and the other major asset remaining the plant at Solan, Himachal Pradesh remains to be sold for which steps have been initiated.

d. Meanwhile, the Respondents herein, initiated the scrutiny assessment u/section 143(3) for the assessment year 2007-08 of the Income Tax Act, 1961, against the Corporate Debtor. The Income Tax Assessment was concluded and the Notice of Demand u/section 156 of the Income Tax Act, 1961 was issued by the Respondents, with a total outstanding tax amount of Rs. 49,70,998/- (Rupees Forty-Nine Lakhs Seventy Thousand And Nine Hundred And Ninety Eight only), payable for the AY 2007-08 by the Corporate Debtor. At this juncture, it is necessary to state that the Income Tax Department had not filed its claim with neither the RP nor this Liquidator towards any tax dues.

e. For the assessment year 2023-24, the CD was eligible for tax refund amount of Rs. 34,410/- (Rupees thirty-four thousand and four hundred ten only).

f. On 24.01.2024, the CD received an intimation from the Respondent Authority No.4, that the refund amount for the Assessment year 2023-24, is adjusted against the outstanding tax amount of Rs.49,70,998/-