Tax Amount Seized & Adjusted Before CIRP Initiation Not Part of CD’s Assets Under IBC

Harish Chander Arora Liquidator of Rathi Super Steel Ltd Vs PCIT (NCLAT Delhi) The National Company Law Appellate Tribunal (NCLAT) Delhi dismissed the appeal by Harish Chander Arora, Liquidator of Rathi Super Steel Ltd, against the Principal Commissioner of Income Tax (PCIT). The appeal contested an NCLT order rejecting the liquidator’s claim for the return of ₹20,50,000 adjusted by the Income Tax Department against outstanding tax demand for AY 2011-12. The liquidator argued that the amount, seized in 2012 and adjusted on March 31, 2019, constituted an asset of the Corporate Debtor (C...