2022 (9) TMI 857

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.... - -<br>Insolvency & Bankruptcy<br>Telaprolu Rajani, J. (Member (J)) For the Appellant : Khusboo Shah Rajani, Advocate For the Respondents : Manoj Kumar, Advocate ORDER Telaprolu Rajani, J. (Member (J)) 1. This application is filed by the Interim Resolution Professional (IRP) seeking to direct both the Respondents who are the Assistant Commissioner of State Tax (ACST) (hereinafter r....

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....ced on 18.02.2022 by virtue of the order of this Tribunal and an IRP was appointed. Claims were invited, but no claims were received from Respondent No. 2/EPFO. Pursuant to the receipt of claims, the IRP constituted a Committee of Creditors (CoC). b) The CD has an account bearing No. 917020063085300 maintained with Axis Bank, Raj am Branch, wherein the Respondent No. 1 has put an attachme....

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....Hence, these attachment orders are to be lifted so as to facilitate the CD to get the amount from the Bank. 3. None appears for Respondent No. 1. Respondent No. 2 filed counter, contending that under Section 11 of the Employees Provident Fund and Miscellaneous Provision Act, 1952, the amount due towards the Provident Fund (PF) of the employees is to be deemed as the first charge of the assets o....

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....in respect of the distribution of the assets of the CD. Section 53 (1)(b)(i) of IBC, 2016 is as follows: "Section 53: Distribution of assets. (J) Notwithstanding anything to the contrary contained in any law enacted by the Parliament or any State Legislature for the time being in force, the proceeds from the sale of the liquidation assets shall be distributed in the following ord....