https://www.taxtmi.com/caselaws?id=408833 On commencement of CIRP, moratorium takes immediate effect and the Resolution Professional assumes control over the corporate debtor's management, assets and bank accounts. A taxing authority cannot continue attachment or freezing of the debtor's account to recover pre-CIRP dues, because such coercive recovery interferes with the insolvency process; the creditor must instead lodge its claim in CIRP. The attachment was therefore unsustainable, the bank account had to be defreezed, and the amount already debited from the account was directed to be refunded. en-us Thu, 10 Jun 2021 00:00:00 +0530 Wed, 23 Jun 2021 10:10:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408833 On commencement of CIRP, moratorium takes immediate effect and the Resolution Professional assumes control over the corporate debtor's management, assets and bank accounts. A taxing authority cannot continue attachment or freezing of the debtor's account to recover pre-CIRP dues, because such coercive recovery interferes with the insolvency process; the creditor must instead lodge its claim in CIRP. The attachment was therefore unsustainable, the bank account had to be defreezed, and the amount already debited from the account was directed to be refunded. Case-Laws Insolvency and Bankruptcy Thu, 10 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408833