https://www.taxtmi.com/caselaws?id=755543 NCLAT held that Income Tax department wrongfully adjusted ITR refund against pre-CIRP dues without following mandatory IBC procedures. The court distinguished between Section 14 (CIRP moratorium) and Section 33 (liquidation moratorium), noting Section 33 only bars new suits but allows continuation of existing proceedings. The department failed to file claims before the liquidator despite public announcement, violating other stakeholders' rights by treating ITR amount as available for adjustment rather than part of liquidation estate. Matter remanded to adjudicating authority to examine quantum of permissible set-off against actual claim entitlement in liquidation proceedings. en-us Fri, 12 Jul 2024 00:00:00 +0530 Mon, 15 Jul 2024 08:17:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755543 NCLAT held that Income Tax department wrongfully adjusted ITR refund against pre-CIRP dues without following mandatory IBC procedures. The court distinguished between Section 14 (CIRP moratorium) and Section 33 (liquidation moratorium), noting Section 33 only bars new suits but allows continuation of existing proceedings. The department failed to file claims before the liquidator despite public announcement, violating other stakeholders' rights by treating ITR amount as available for adjustment rather than part of liquidation estate. Matter remanded to adjudicating authority to examine quantum of permissible set-off against actual claim entitlement in liquidation proceedings. Case-Laws Insolvency and Bankruptcy Fri, 12 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755543