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IN THE NATIONAL COMPANY LAW TRIBUNAL

MUMBAI BENCH-IV

In the matter of

IA-117/2022

Mr. Devarajan Raman

… Applicant/

Resolution Professional

V/s.

Principal Commissioner Income Tax,

(Mumbai-1) & Ors.

…Respondents

IN

CP (IB) No.3269/MB-IV/2019

Under Section 60(5) of the IBC, 2016

In the matter of

Equilink Capital Management Services

Limited

…Operational Creditor

V/s.

Kotak Urja Private Limited

…Corporate Debtor

Order Pronounced on: 16.06.2023

Coram:

Mr. Prabhat Kumar

Mr. Kishore Vemulapalli

Hon’ble Member (Technical)

Hon’ble Member (Judicial)

Appearances (via videoconferencing):

For the Applicant:

Mr. Deverajan Raman, Liquidator,

Adv.

For the Respondents:

None present.

IN THE NATIONAL COMPANY LAW TRIBUNAL

MUMBAI BENCH-IV

IA-117/2022 IN

CP (IB) No.3269/MB-IV/2019

________________________________________________________________________________________

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O R D E R

Per: Kishore Vemulapalli, Member (Judicial)

1. This Interlocutory Application [IA-117/2022] is filed on 13.01.2022 by Mr.

Devarajan Raman {“The Applicant”}, the Resolution Professional in the matter

of Kotak Urja Private Limited {“The Corporate Debtor”}, under section 60(5) of

the Insolvency and Bankruptcy Code, 2016 r/w Rule 11 of NCLT Rules. 2016

seeking refund of money seeking a refund of Rs.90,42,174/-, being the amount

of refund determined by the Income tax department and appropriated against

the outstanding demands due from the Corporate Debtor after commencement

of liquidation of the Corporate Debtor.

2. The Corporate Debtor was admitted to Corporate Insolvency Resolution

Process (CIRP) vide order dated 18.11.2019 and the applicant Mr. Devarajan

Raman was appointed as IRP & later confirmed as RP. The committee of

creditors in its 7^th meeting held on 04.01.2021 resolved by unanimous vote to

liquidate the Corporate Debtor and this meeting concluded on 17.03.2021.

Pursuant to it, the applicant filed an application on 18.05.2021 seeking

liquidation of the Corporate Debtor which was allowed vide order dated

03.10.2022.

3. The applicant submits that, Assistant Commissioner of Income Tx- Circle 1(2)-

1, Mumbai filed a claim on 20.01.2020 for an amount of Rs. 11,59,66,742/-,

and subsequently submitted the proof of claim vide letter dated 03.02.2023

where upon the claim of the Income Tax department was duly admitted by the

Applicant.

3.1. The applicant submits that, after scrutinizing the 26AS Forms, the applicant

realized that refund order has been shown as credited to the Corporate

Debtor, however, the said amount was not received by the Bank of

Corporate Debtor. In enquires with Deputy Commissioner, Circle No.

IN THE NATIONAL COMPANY LAW TRIBUNAL

MUMBAI BENCH-IV

IA-117/2022 IN

CP (IB) No.3269/MB-IV/2019

________________________________________________________________________________________

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(1)(2)(1), the Applicant realized that an amount of Rs. 90,42,174/- has been

adjusted against the outstanding tax demand of the Corporate Debtor

during the CIRP period.

3.2. It is also submitted that, the Applicant’s representative met IT Department

and vide letter dated 07.01.2022 requested the department to refund the

amount adjusted against the outstanding dues to the department as the

refund due to the CD from the statutory authority cannot be adjusted against

the outstanding claim of the department as on ICD. The Respondent despite

repeated reminders has not returned the amount adjusted, after assuring to

do so on many occasions.

4. The respondent was represented by counsel on 13.01.2023 and he was directed

to file reply within 2 weeks however no reply was filed thereafter this case was

listed on 16.02.2023 and no submissions were made by the counsel for the

respondent present on the day. Thereafter this matter was listed on 30.03.2023

and none appeared on behalf of respondents consequently a court notice was

issue