TaxTMI 
TaxTMI 
2022 (5) TMI 812
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....urt convened via hybrid mode. 2. This is a Company Petition filed under section 7 of the Insolvency and Bankruptcy Code, 2016 ('the Code') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 by Oversure Enterprises Private Limited ('Financial Creditor'), by Mr. Arun Kumar Lackar, Manager, duly authorised vide board resolution dated 10 September, 2019 for initiation of Corporate Insolvency Resolution Process ('CIRP') against Siri Longview Tea & Agro Limited ('Corporate Debtor'). 3. The present Petition was filed on 06 February, 2020 before this Adjudicating Authority on the ground that a loan or inter-corporate loan ('Loan') for a sum of Rs.25,00,000/- along with interest @12% p.a. was ....
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....- A-8 of the Petition Further, the Form 26AS for the Financial Year 2016-2017, 2017-2018, 2018-2019 and 2019-2020 reflects that the interest was paid by the Corporate Debtor irregularly. 6.4 On failure of the Corporate Debtor to pay the interest as agreed between the parties, the Financial Creditor requested for refund of the loan amount along with interest. After prolonged persuasion, the Corporate Debtor in discharge of the debt issued a Cheque No.131342 dated 30 July, 2019 drawn on State Bank if India, in favor of the Financial Creditor. 6.5 However, on presentation of Cheque for clearance, the Financial Creditor from its banker came to know that the Cheque was dishonored on the ground of 'funds insufficient'. Annexure - A-10 of th....
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....the Financial Creditor, inter alia, praying for the following reliefs; a. The Financial Creditor be directed to clarify its stand before the Adjudicating Authority with regard to the issue raised by the Corporate Debtor in respect of notice by the Income Tax Department on 22 November, 2021, show cause notice dated 27 Match, 2022 and assessment order dated 30 March, 2022 ; b. The Corporate Debtor be granted liberty to adjust a sum of Rs.12,38,099/- assessed by the Income Tax Department in its order dated 30 March, 2022 and also such amount that may be levied as penalty in the proceedings against the Corporate Debtor under section 271 AAC of the Income Tax Act, 1961 from the amount of Rs.20,00,000/- as is receivable by the F....
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....22, the Corporate Debtor was again served with a copy of the cause notice by the Income Tax Department, wherein the Corporate Debtor was called upon to show cause as to why the variation (?) should not be made and the assessment should not be completed after taking into account the sum of Rs.25,00,000/- being an unexplained credit being received from the Financial Creditor. 9.5 An assessment order dated 30 March, 2022 was received by the Corporate Debtor, where the Income Tax Department had further re-assessed the Corporate Debtor and had found out the Corporate Debtor is liable to pay a sum of Rs.12,38,099/- as income tax demand after giving due credit to all adjustments. Further, the assessment order categorically states that a notice ....