https://www.taxtmi.com/caselaws?id=427912 Recovery attachment, lien and prohibitory orders against a corporate debtor's bank account could not be continued during Corporate Insolvency Resolution Process once the tax and provident fund claims had been admitted. The NCLT held that such restraints were inconsistent with the insolvency distribution framework, including the priority structure under section 53 of the Insolvency and Bankruptcy Code, 2016, which governs treatment of workmen's dues and government dues in liquidation. On that basis, the application succeeded and the authorities' recovery measures were set aside, with the bank account to be released for control during the insolvency process. en-us Wed, 24 Aug 2022 00:00:00 +0530 Tue, 20 Sep 2022 08:18:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427912 Recovery attachment, lien and prohibitory orders against a corporate debtor's bank account could not be continued during Corporate Insolvency Resolution Process once the tax and provident fund claims had been admitted. The NCLT held that such restraints were inconsistent with the insolvency distribution framework, including the priority structure under section 53 of the Insolvency and Bankruptcy Code, 2016, which governs treatment of workmen's dues and government dues in liquidation. On that basis, the application succeeded and the authorities' recovery measures were set aside, with the bank account to be released for control during the insolvency process. Case-Laws Insolvency and Bankruptcy Wed, 24 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427912