https://www.taxtmi.com/caselaws?id=774502 NCLAT Principal Bench dismissed appellant bank's appeal regarding non-transfer of income tax refund amount during CIRP. The court held that tax refund received during CIRP belonged to corporate debtor and must be transferred to CIRP account maintained by resolution professional, despite appellant's claimed security interest under hypothecation deed. Bank's refusal to transfer funds and conditional transfer demands were rejected. NCLAT ruled adjudicating authority correctly ordered transfer and dismissed bank's recall application. Security interest realization remains subject to liquidator's examination under applicable law. en-us Tue, 08 Jul 2025 00:00:00 +0530 Thu, 10 Jul 2025 08:39:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774502 NCLAT Principal Bench dismissed appellant bank's appeal regarding non-transfer of income tax refund amount during CIRP. The court held that tax refund received during CIRP belonged to corporate debtor and must be transferred to CIRP account maintained by resolution professional, despite appellant's claimed security interest under hypothecation deed. Bank's refusal to transfer funds and conditional transfer demands were rejected. NCLAT ruled adjudicating authority correctly ordered transfer and dismissed bank's recall application. Security interest realization remains subject to liquidator's examination under applicable law. Case-Laws IBC Tue, 08 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774502