Appellate Tribunal Confirms VAT Refund Transfer to Corporate Debtor's Account, Dismisses Yes Bank's Appeal.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....CIRP - Liquidation proceedings - Rejection of claim of Yes Bank for transfer of VAT refund to the account of FEMC Pratibha JV - non relinquishing of security interest as part of liquidation estate - The Appellate Tribunal upheld the Adjudicating Authority's decision, dismissing the appeal. The VAT refund was correctly transferred to the Corporate Debtor's account, and Yes Bank's failure to comply with Regulation 21A justified the inclusion of secured assets in the liquidation estate. The appeal lacked merit and was dismissed.....