TaxTMI 
TaxTMI 
2021 (5) TMI 784
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....n Purchaser") under Section 60(1) read with Rule 11 of the Insolvency and Bankruptcy Code, 2016 ("Code") and National Company Law Tribunal Rules, 2016 seeking issuance of directions to the Respondent. 2. Under the said application the following reliefs have been prayed for:- a. "Declare and hold that no interest is payable by Applicant on the balance sale consideration paid for sale of assets of Corporate Debtor as a going concern; b. Direct the Liquidator to exempt and waive off the interest being charged on the Applicant; c. Direct the Liquidator to set-aside TDS being charged on the Applicant; d. Direct the Liquidator to handover peaceful possession to the Applicant of the Corporate Debtor's fac....
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....eposited with income tax authorities 1404000 Total 187200000 Further, the Applicant has also deposited the entire TDS i.e., Rs. 14.04 Lakh for the assessment year, vide cheque dated 14.12.2020 as claimed by the Liquidator. Copy of computer generated receipt being Challan Serial No. 00003 issued in favour of the Applicant by the concerned bank evidencing payment of TDS is annexed along with the application at annexure A-9. 5. However, contrary to the stipulations of the sale certificate and the applicable provisions of law, the liquidator has defaulted in handing over possession of the factory to Applicant and in the hindsight and post facto is demanding additional money from Applicant. 6. It further stated that, the sale c....
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.... Tax department by the purchaser of property in terms of the provisions of Income Tax and rules framed thereunder and that the liquidator can claim a refund from the Income Tax Department. From the contents of the said impugned letter dated 21.12.2020 it appears that the liquidator has made the said post-facto demand on the basis of view taken by the stakeholders of the Corporate Debtor. It is respectfully submitted that the advice/view of the stakeholders is not binding on the liquidator (Regulation 31(10) of the IBBI (Liquidation Process) Regulations, 2016). The liquidator has the discretion to take a different view which in the present case the liquidator had taken by executing the Sale Certificate dated 16.12.2020. 9. Furthermore, th....
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....ock of assets/property of HIM STEEL PRIVATE LIMITED In Liquidation on Going concern basis for same industrial activities as undertaken by the first party under e-auction process TO HOLD THE SAME TO AND UNTO THE SECOND PARTY, as the absolute and full Owner thereof forever..." "7) THAT the First Party has duly delivered the original title deeds of the property/block of assets hereby sold/transferred to the Purchaser at the time of execution of present Sale Certificate, without any reservations or limitations whatsoever. Details of such title deeds are mentioned in Schedule III." "8) THAT the First Party has duly delivered the actual physical vacant possession of the entire block of Assets/property hereby sold/transferred to ....