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Case Law Details

Case Name : CIT (TDS-1) Vs Sundaresh Bhat (NCLAT Delhi)
Appeal Number : Company Appeal (AT) (Insolvency) No. 575 of 2023
Date of Judgement/Order : 15/10/2024
Related Assessment Year :
Courts : NCLAT
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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

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