https://www.taxtmi.com/caselaws?id=752839 NCLAT Principal Bench dismissed the appeal filed by a bank challenging rejection of its claim for VAT refund transfer to joint venture account. The tribunal held that under the JV agreement, the corporate debtor was solely responsible for all pecuniary liabilities including VAT, while the other party was merely a technical partner. Since the corporate debtor discharged all VAT liabilities and projects were completed before insolvency proceedings, the VAT refund rightfully belonged to the corporate debtor's liquidation estate. Additionally, the bank failed to comply with Regulation 21A of IBBI Liquidation Process Regulations 2016 regarding relinquishment of security interest, making the asset part of liquidation assets. en-us Thu, 16 May 2024 00:00:00 +0530 Sun, 19 May 2024 20:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752839 NCLAT Principal Bench dismissed the appeal filed by a bank challenging rejection of its claim for VAT refund transfer to joint venture account. The tribunal held that under the JV agreement, the corporate debtor was solely responsible for all pecuniary liabilities including VAT, while the other party was merely a technical partner. Since the corporate debtor discharged all VAT liabilities and projects were completed before insolvency proceedings, the VAT refund rightfully belonged to the corporate debtor's liquidation estate. Additionally, the bank failed to comply with Regulation 21A of IBBI Liquidation Process Regulations 2016 regarding relinquishment of security interest, making the asset part of liquidation assets. Case-Laws Insolvency and Bankruptcy Thu, 16 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752839