No tax claims should be accepted by RP after lapse of extended period of 90 days of Insolvency commencement date

Advertisement CIT (TDS-1) Vs Sundaresh Bhat (NCLAT Delhi) Conclusion: Resolution Professional ( RP ) could not accept any claim after the lapse of extended period of 90 days of the insolvency commencement date as tax claims did not create any charge or security interest in favour of the Income Tax Department therefore they could not be considered as secured creditor. Held: In the instant case, a petition under section 7 of the IBC was filed by IDBI Bank Ltd , financial creditor against JBF Petrochemical Ltd., Corporate Debtor. During the moratorium, tax assessment proceedings were initiate...