Statutory transfer formalities invalidated alleged share and property transfers, while retrospective record manipulation constituted oppression and mi...
Provisional attachment of laundered funds and equivalent-value property sustained, with statutory protection limited to pension, gratuity and providen...
Insolvency moratorium does not shield company officers from cheque dishonour prosecution for liability arising before corporate insolvency proceedings...
The case involved a dispute regarding the adjustment of an income tax refund with outstanding liability after the CIRP timeline had expired and a liquidation order was passed. The Appellate Tribunal held that the moratorium u/s 14 of IBC continues even after the CIRP period ends, and creditors cannot exercise set-off during this period. The Respondent was found liable to refund the amount set off against tax dues as it violated the moratorium. The Tribunal ordered the Respondent to refund the adjusted amount to the Corporate Debtor within two weeks. The judgment emphasized that set-off during CIRP is against IBC principles.
The case involved a dispute regarding the adjustment of an income tax refund with outstanding liability after the CIRP timeline had expired and a liquidation order was passed. The Appellate Tribunal held that the moratorium u/s 14 of IBC continues even after the CIRP period ends, and creditors cannot exercise set-off during this period. The Respondent was found liable to refund the amount set off against tax dues as it violated the moratorium. The Tribunal ordered the Respondent to refund the adjusted amount to the Corporate Debtor within two weeks. The judgment emphasized that set-off during CIRP is against IBC principles.
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