https://www.taxtmi.com/highlights?id=77860 The case involved a dispute regarding the adjustment of an income tax refund with outstanding liability after the CIRP timeline had expired and a liquidation order was passed. The Appellate Tribunal held that the moratorium u/s 14 of IBC continues even after the CIRP period ends, and creditors cannot exercise set-off during this period. The Respondent was found liable to refund the amount set off against tax dues as it violated the moratorium. The Tribunal ordered the Respondent to refund the adjusted amount to the Corporate Debtor within two weeks. The judgment emphasized that set-off during CIRP is against IBC principles. en-us Tue, 28 May 2024 07:35:09 +0530 Tue, 28 May 2024 07:35:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=77860 The case involved a dispute regarding the adjustment of an income tax refund with outstanding liability after the CIRP timeline had expired and a liquidation order was passed. The Appellate Tribunal held that the moratorium u/s 14 of IBC continues even after the CIRP period ends, and creditors cannot exercise set-off during this period. The Respondent was found liable to refund the amount set off against tax dues as it violated the moratorium. The Tribunal ordered the Respondent to refund the adjusted amount to the Corporate Debtor within two weeks. The judgment emphasized that set-off during CIRP is against IBC principles. Highlights Insolvency and Bankruptcy Tue, 28 May 2024 07:35:09 +0530 https://www.taxtmi.com/highlights?id=77860