Case Law Details
Divyesh Desai (Liquidator for Precision Fasteners Limited) VS DCIT Circle (NCLT Mumbai)
Introduction: In the recent case of Divyesh Desai, the Liquidator for Precision Fasteners Limited, against DCIT Circle (NCLT Mumbai), an application was filed seeking a refund of TDS amounting to Rs. 93,81,464. The Liquidator argued for the Assessing Officer/Income-tax Department to remit the said amount to the Corporate Debtor Company.
Detailed Analysis: The NCLT Mumbai bench, after considering the submissions from the Liquidator and reviewing the presented material, found merit in the application. Despite the absence of the Deputy Commissioner of Income Tax during the hearings, the bench proceeded ex-parte and directed the Deputy Commissioner to promptly refund the TDS amount to the Corporate Debtor Company.
Conclusion: The NCLT, in its judgment, granted the relief sought by Divyesh Desai, the Liquidator, and directed the Deputy Commissioner of Income Tax Circle 1(2)(2), Mumbai, to remit the TDS amount of Rs. 93,81,464 to the Corporate Debtor Company without further delay. This decision holds significance in ensuring the financial resolution and proceedings concerning Precision Fasteners Limited.
The Applicant/Liquidator in this Application has prayed that the Assessing Officer/Income-tax Department may be directed to refund TDS aggregating to Rs. 93,81,464/- to the Corporate Debtor Company. Having considered the submission of the Counsel appearing for the Liquidator and on perusal of the material placed before this Bench, this Bench is satisfied and accordingly the Deputy Commissioner of Income Tax Circle 1(2)(2), Mumbai, Aayakar Bhawan, Mumbai is directed to remit back the amount to the Corporate Debtor Company forthwith.
FULL TEXT OF THE NCLT JUDGMENT/ORDER
This is an Application filed by Mr. Divyesh Desai, Liquidator of the Corporate Debtor. In this Application the Liquidator has averred that despite the Service of Notice, none is present today for, the Deputy Commissioner of Income Tax Circle 1(2)(2), Mumbai, Aayakar Bhawan, Mumbai, the Respondent here in. Record reveals that this Application was listed on Board on 27.01.2022, on which date none was present for the Respondent and the Applicant was directed to intimate the next date of hearing and file Affidavit of Service. Thereafter, this Application was repeatedly getting adjourned and was listed on Board on 05.04.2022, on which date the Respondent was not present and the present Application was proceeded exparte against the Respondent.
We have heard Ld. Counsel for the Applicant finally. The Applicant/Liquidator in this Application has prayed that the Assessing Officer/Income-tax Department may be directed to refund TDS aggregating to Rs. 93,81,464/- to the Corporate Debtor Company. Having considered the submission of the Counsel appearing for the Liquidator and on perusal of the material placed before this Bench, this Bench is satisfied and accordingly the Deputy Commissioner of Income Tax Circle 1(2)(2), Mumbai, Aayakar Bhawan, Mumbai is directed to remit back the amount to the Corporate Debtor Company forthwith.
With the aforesaid observations, the Application bearing IA 2607 of 2021 is allowed and disposed of.
This is an Application filed by the Applicant, Liquidator of the Corporate Debtor, seeking early hearing of the Applications bearing MA 1423 of 2019 and MA 905 of 2020, contending that these Applications are not listed on Board after the Lockdown Period. Having considered the submission of the Applicant and the perusal of the averments made in this Application, this Bench is satisfied and directs the Registry to list the Applications bearing MA 1423 of 2019 and MA 905 of 2020 on Board on 25.07.2022.
With the aforesaid observation, the Application bearing IA 1743 of 2022 is allowed and disposed of.
