2024 (9) TMI 248

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....App. (AT) (Ins) No. 662 of 2024 - -<br>Insolvency & Bankruptcy<br>[ Justice Ashok Bhushan ] Chairperson And [ Arun Baroka ] Member ( Technical ) For the Appellant Mr. Abhijeet Sinha , Sr. Advocate with Mr. J Rajesh , Mr. Dhrupad Vaghani , Md. Arsalan Ahmed, Mr. Jaitegan Singh Khuranna, Advocates For the Respondent Mr. Arpan Behl , Mr. Akash Sharma , Advocates for R2 ORDER ( Hybrid Mode....

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.... nor any reply was filed. Adjudicating Authority in paragraph 5.1 has noted the sanction of the Investment Promotion Subsidy for the year 2017-18, 2018-19 and 2019-20. In paragraph 5.2, the Adjudicating Authority has noticed a letter dated 28.02.2022 written by the earlier management of the Corporate Debtor to the Minister of Ministry of Finance and Planning of Maharashtra for release of the amoun....

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....d their claims. 4. We have considered the submissions of the Appellant and perused the record. 5. Paragraphs 5.1 and 5.2 which is relevant for the present case are as follows:- "5.1. The Respondent had neither filed the reply nor entered appearance despite service of Court Notice on 20.12.2023. The Respondents has sanctioned the Investment Promotion Subsidy for the year 2017-18, 201....

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.... following Govt. Authorities : Sr. No. Department Outstanding Amount (in Rs.) 1 District Mining Officer, Yavatmal 32,92,89,227 2 G.S.T. Department 22,00,00,000 3 Sales Tax (TIN No.27580279959) 3,23,86,165 4 Provident Fund Department 1,60,69,127 5 TDS Department (TAN No.NGPS01005E) 1,99,08,481 6 District Mining Officer, Yavatmal 7,04,05....