https://www.taxtmi.com/caselaws?id=456302 The NCLAT set aside the NCLT Guwahati order regarding extinguishment of Income Tax demands totaling Rs. 16,20,25,953 for Assessment Years 2013-14 and 2014-15. The Income Tax Department received only Rs. 1,20,23,691 (less than 15% of outstanding demand) as payment under the resolution plan. The NCLAT held that the NCLT failed to consider that the Resolution Professional had assured payment of tax dues by the successful resolution applicant after appeal process completion. Citing Rainbow Papers Limited SC judgment, the tribunal recognized government dues as secured creditor claims. The matter was remitted back to NCLT Guwahati for fresh hearing of all parties. en-us Tue, 07 Feb 2023 00:00:00 +0530 Mon, 15 Jul 2024 19:50:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456302 The NCLAT set aside the NCLT Guwahati order regarding extinguishment of Income Tax demands totaling Rs. 16,20,25,953 for Assessment Years 2013-14 and 2014-15. The Income Tax Department received only Rs. 1,20,23,691 (less than 15% of outstanding demand) as payment under the resolution plan. The NCLAT held that the NCLT failed to consider that the Resolution Professional had assured payment of tax dues by the successful resolution applicant after appeal process completion. Citing Rainbow Papers Limited SC judgment, the tribunal recognized government dues as secured creditor claims. The matter was remitted back to NCLT Guwahati for fresh hearing of all parties. Case-Laws Insolvency and Bankruptcy Tue, 07 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456302