https://www.taxtmi.com/caselaws?id=288985 TDS deducted from an employee's salary but not remitted to the tax department was treated as an operational debt of the corporate debtor, with payment to be made from liquidation proceeds in the statutory priority under the IBC waterfall and the tax authority required to lodge its claim before the liquidator. The text also states that the liquidator has the power and duty to defend or prosecute proceedings for the corporate debtor, so compounding expenses arising from a continuing criminal prosecution may be met by the estate and reimbursed on priority. A separate petition was dismissed for default when counsel reported no instructions. en-us Wed, 12 Jun 2019 00:00:00 +0530 Thu, 09 Jul 2020 09:47:02 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=288985 TDS deducted from an employee's salary but not remitted to the tax department was treated as an operational debt of the corporate debtor, with payment to be made from liquidation proceeds in the statutory priority under the IBC waterfall and the tax authority required to lodge its claim before the liquidator. The text also states that the liquidator has the power and duty to defend or prosecute proceedings for the corporate debtor, so compounding expenses arising from a continuing criminal prosecution may be met by the estate and reimbursed on priority. A separate petition was dismissed for default when counsel reported no instructions. Case-Laws Insolvency and Bankruptcy Wed, 12 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=288985