2024 (9) TMI 248

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.... -<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 ) Heard Counsel for the Appellant. N....

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....hority 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 amount to the Government Authorities as mention....

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....ubmissions 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, 2018-19 and 2019-20 as follows: Sr. No. IPS Period D....

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....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 7,04,05,417 Total 61,76,53,000 6. The CIRP against the Corporate Debtor commenced on 12.08.2022 and t....