https://www.taxtmi.com/caselaws?id=419910 In liquidation, where the Income Tax Department had marked the corporate debtor's bank accounts with lien, the Tribunal followed its earlier liquidation approach and directed that the restraint be removed so the liquidator could deal with the funds. The bank was also directed to defreeze the accounts to enable completion of the liquidation process. The operative effect was to permit release of the corporate debtor's bank balances from lien-based restriction in favour of the liquidator. en-us Tue, 08 Mar 2022 00:00:00 +0530 Wed, 23 Mar 2022 08:38:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=419910 In liquidation, where the Income Tax Department had marked the corporate debtor's bank accounts with lien, the Tribunal followed its earlier liquidation approach and directed that the restraint be removed so the liquidator could deal with the funds. The bank was also directed to defreeze the accounts to enable completion of the liquidation process. The operative effect was to permit release of the corporate debtor's bank balances from lien-based restriction in favour of the liquidator. Case-Laws Insolvency and Bankruptcy Tue, 08 Mar 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=419910