TaxTMI 
TaxTMI 
2025 (8) TMI 1075
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.... passed by the 1st Respondent is extracted hereunder:- FACTUAL BACKGROUND OF THE CASE:- 3. The Petitioner has purchased the property in an auction conducted by the Liquidator appointed by the National Company Law Tribunal (NCLT) on 24.10.2024, during the course of liquidation of the 3rd Respondent company. The 3rd Respondent is represented by its Liquidator, namely Mr.S.R.Shiraam Shekher. The 3rd Respondent issued a Submission of Claims on 23.01.2025. 4. The 3rd Respondent company was ordered to be liquidated by the National Company Law Tribunal, Single Bench, Chennai, vide order dated 14.06.2019, in a petition filed by M/s.Foseco India Limited, an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the 'Code'), read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 5. Earlier by an order dated 03.12.2018, Mr.Ramasamy Shanmugam was appointed as an Interim Resolution Professional by the National Company Law Tribunal. 6. After Mr.Ramasamy Shanmugam was appointed on 03.12.2018 as an Interim Resolution Professional (IRP), took over the management of the Corpo....
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....e Corporate Debtor is continued during the liquidation process by the Liquidator. VII. All the powers of the Board of Directors, Key Managerial Personnel and the Partners of the Corporate Debtor, as the case may be, shall cease to have effect and shall be vested with the Company Liquidator viz., Mr. Ramasamy Shanmuggam. VIII. The personnel of the Corporate Debtor shall extend all assistance and co-operation to the Liquidator as may be required by him in managing the affairs of the Corporate Debtor. IX. The Company Liquidator shall be entitled to charge such fees for the conduct of the liquidation proceedings and in such a proportion to the value of the liquidation estate assets as specified under Regulation 4 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016. X. Copy of this Order shall be sent to the concerned Registrar of Companies, RD, OL, and Registered Office of the Corporate Debtor by the Company Liquidator viz., Mr.Ramasamy Shanmuggam for information and compliance. 10. In terms of the above, MA/559/2019 filed in CP/661/IB/2017 by the Resolution Professional under Section 33 (2) of the I&B Code, 2....
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....the following observations: "This application was filed on 07.09.2022. Even on the last date, none for the Applicant was present. Even Rejoinder is not filed despite time given. It appears that Applicant is not interested in the prosecution of this application. The application in IA/372(CHE)/2022 IN MA/559/2019 is dismissed in default and for non-prosecution." 18. Thereafter, the 1st Respondent, Assistant Commissioner, Srirangam GST Circle, filed another application in I.A.No.01/2025 in IA/372(CHE)/2022 in MA/559/2019 on 07.12.2024 before the NCLT seeking condonation of delay in filing an application for restoration of the earlier application that was dismissed on 08.01.2024. However, the NCLT, by its order dated 07.02.2025, dismissed the said application with the following observations: "As seen from the application, the Applicant came to know of the order immediately but this application has been filed on 07.12.2024 i.e., after about eleven months though it should have been filed within 30 days from the dismissal of the application. Admittedly, this application relates to tax claim and for the State Exchequer but it is expected from....
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....t is further submitted that as per Regulation 47 of the Insolvency and Bankruptcy (Liquidation Process) Regulations, 2016, the liquidation process should be completed within a period of one year from the date of its initiation. The action of the 1st Respondent in disregarding the provisions of the Insolvency and Bankruptcy Code, 2016, by not lifting the attachment on the subject properties, amounts to manifest arbitrariness and is violative of Article 14 of the Constitution of India. 27. It is further submitted that the Insolvency and Bankruptcy Code, 2016 is a special statute, and by virtue of the non-obstante clause under Section 238 of the Insolvency and Bankruptcy Code, 2016, its provisions shall have an overriding effect in cases of inconsistency with any other law, including the Tamil Nadu Value Added Tax Act, 2006 and the Central Sales Tax Act, 1956. 28. Arguing on behalf of the Petitioner, the learned Senior Counsel would draw the attention of this Court to the following decisions: i. Paschimanchal Vidyut Vitran Nigam Limited v. Raman Ispat Private Limited and others, reported in (2023) 10 SCC 60. ii. KRBL Ltd. v. State of Gujarat, reported in [2023]....
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....the Encumbrance Certificate well before the auction took place. 33. It is submitted by the learned Additional Government Pleader that the 1st Respondent had lawfully attached the subject property of the 3rd Respondent on 03.02.2016, much prior to the initiation of the CIRP proceedings on 03.12.2018, under Sections 42 and 49 of the Tamil Nadu Value Added Tax Act, 2006, for recovery of tax dues amounting to Rs. 2,11,54,636/- for the Assessment Years 2007-2008 to 2014-2015, which takes priority in law, as held in multiple precedents. These statutory provisions continue to apply by virtue of Section 142(8)(a) of the CGST Act, 2017. Therefore, it is prayed for dismissal of this Writ Petition. 34. The learned Additional Government Pleader appearing for the 1st and 2nd Respondent relied on the following judgments: i. Sanjay Kumar Agarwal vs. State Tax Officer (1) and another, reported in (2024) 2 SCC 362. ii. State Tax Officer vs. Rainbow Papers Limited, reported in (2023) 9 SCC 545. iii. Ghanashyam Mishra and Sons Private Limited through the authorised Signatory vs. Edelweiss Asset Reconstruction Company Limited through the Director and others, reported i....
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....s the Adjudicating Authority of the decision of the Committee of Creditors (CoC) (approved by not less than sixty-six per cent of the voting share) to liquidate the corporate debtor, the Adjudicating Authority shall pass a liquidation order as referred to in sub-clauses (i), (ii), and (iii) of clause (b) of sub-section (1). 42. It is in this background, the Interim Resolution Professional (IRP) appointed vide order dated 03.12.2018 in CP/661/(IB)/CB/2017, who was subsequently designated as the Resolution Professional (RP) in the first meeting of the Committee of Creditors (CoC) held on 18.01.2019 was appointed as the Liquidator by NCLT vide its Order dated 14.06.2019 in MA/559/2019 filed in CP/661/IB/2017. 43. By its order dated 14.06.2019 in MA/559/2019 in CP/661/IB/2017, the Resolution Professional was to liquidate the assets of the Corporate Debtor (assessee in default), namely the 3rd Respondent/RLS Alloys (P) Ltd. 44. After the aforesaid order was passed by the NCLT on 14.06.2019, the 1st Respondent, Assistant Commissioner of GST, Srirangam, sent a letter on 10.08.2020 bearing reference Rc.No. 169/2020/A5, wherein it was stated that the said company was in arrears of ....
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....for the purposes of this Part, means National Company Law Tribunal constituted under section 408 of the Companies Act, 2013 (18 of 2013); 50. The expression "'debt" has been defined in Section 3(11) of the Code, which reads as under: 3. Definitions.-In this Code, unless the context otherwise requires,- (11) "debt" means a liability or obligation in respect of a claim which is due from any person and includes a financial debt and operational debt; 51. The expression "claim" has been defined in Section 3(6) of the Code, which reads as under:- (6) "claim" means - (a)a right to payment, whether or not such right is reduced to judgment, fixed, disputed, undisputed, legal, equitable, secured, or unsecured; (b) right to remedy for breach of contract under any law for the time being in force, if such breach gives rise to a right to payment, whether or not such right is reduced to judgment, fixed, matured, unmatured, disputed, undisputed, secured or unsecured; 52. The expression "creditor" has been defined under Section 3(10) of the Code. It includes a financial creditor, an operational creditor, a secured creditor, an unsecured cred....
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....f the Code Section 5(5) of the Code (7) financial creditor means any person to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred to (20) operational creditor means a person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred; (5) corporate applicant means- (a) corporate debtor; or (b) a member or partner of the corporate debtor who is authorised to make an application for the corporate insolvency resolution processs or the pre-packaged insolvency resolution process, as the case may be, under the constitutional document of the corporate debtor; or (c) an individual who is in charge of managing the operations and resources of the corporate debtor; or (d) a person who has the control and supervision over the financial affairs of the corporate debtor; 57. The Income Tax Department or for that matter any other Tax Department are a "secured creditor" within the meaning of Section 3(30) of the Code, if they have already passed an assessment order and have attached the assets of such assessee i.e., the "corporate debtor" in accordance wi....
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....uncement. 63. For the purpose of discussion, it would suffice to state that the National Company Law Tribunal (NCLT), constituted under Section 408 of the Companies Act, 2013, is the Adjudicating Authority contemplated under Section 13 onwards of the Code. 64. The Adjudicating Authority is empowered to admit the application under Sections 7, 9 and 10 of the Code. These are the proceedings for initiation of Corporate Insolvency Resolution Process (CIRP) by a "Financial Creditor", or "Operational Creditor" or a "Corporate Applicant" itself respectively. 65. A Petition under Section 9 of the Code has to preceede a notice contemplated under Section 8 of the Code. The "Corporate Debtor" is expected to respond to the said notice within a period of 10 days. It is only after the expiry of 10 days from the date of delivery of the notice under Section 8(1) of the Code, an "Operational Creditor" can initiate proceedings under Section 9 of the Code. 66. Once the 'Corporate Insolvency Resolution Process' (CIRP) is admitted by the Adjudicating Authority, the Adjudicating Authority has to declare a "Moratorium" in terms of Section 14 of the Code and appoint an Interim Resoluti....
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....ontain the details of the guarantees that have been given in relation to the debts of the Corporate Debtor by other persons and the details with regard to all material litigation and an ongoing investigation or proceeding initiated by the Government and statutory authorities are also required to be detailed in the information memorandum. So also the details regarding the number of workers and employees and liabilities of the corporate debtor towards them and other Statutory Authorities are required to be contained in the Information Memorandum. 72. Section 29 of the Code is reproduced below:- "29. Preparation of information memorandum. - (1) The resolution professional shall prepare an information memorandum in such form and manner containing such relevant information as may be specified by the Board for formulating a resolution plan. (2) The resolution professional shall provide to the resolution applicant access to all relevant information in physical and electronic form, provided such resolution applicant undertakes- (a) to comply with provisions of law for the time being in force relating to confidentiality and insider trading; (b....
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....he Board, which shall not be less than the amount to be paid to such creditors in accordance with sub-section (1) of section 53 in the event of a liquidation of the corporate debtor. Explanation 1. - For removal of doubts, it is hereby clarified that a distribution in accordance with the provisions of this clause shall be fair and equitable to such creditors. Explanation 2. - For the purpose of this clause, it is hereby declared that on and from the date of commencement of the Insolvency and Bankruptcy Code (Amendment) Act, 2019, the provisions of this clause shall also apply to the corporate insolvency resolution process of a corporate debtor- (i) where a resolution plan has not been approved or rejected by the Adjudicating Authority; (ii) where an appeal has been preferred under section 61 or section 62 or such an appeal is not time barred under any provision of law for the time being in force; or (iii) where a legal proceeding has been initiated in any court against the decision of the Adjudicating Authority in respect of a resolution plan; (c) provides for the management of the affairs of the Corporate debtor after approval ....
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.... section 29A as amended by the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 shall apply to the resolution applicant who has not submitted resolution plan as on the date of commencement of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018. (5) The resolution applicant may attend the meeting of the committee of creditors in which the resolution plan of the applicant is considered: Provided that the resolution applicant shall not have a right to vote at the meeting of the committee of creditors unless such resolution applicant is also a financial creditor. (6) The resolution professional shall submit the resolution plan as approved by the committee of creditors to the Adjudicating Authority." 75. The legislative intent of making the Resolution Plan binding on all stakeholders after it gets the seal of approval of the Adjudicating Authority and after it is approved by CoC, if the Resolution Plan meets all the requirement of in sub-section (2) of Section 30 of the Code. Section 31 of the Code is reproduced below:- "31. Approval of resolution plan. - (1) If the Adjudicating Authority is satisfied that the resolution plan a....
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.... Plan approved by the Adjudicating Authority (NCLT) under Section 31 of the Code. 77. Thus, the Corporate Insolvency Resloution Process (CIRP) first involves a steps towards the rehabilitation of the "Corporate Debtor" defined under Section 3(8) of the Code. An Interim Resolution Professional (IRP) appointed by an adjudicating authority under is required to keep up with the duties prescribed under Section 18 of the Code, namely,:- (a) collect all information relating to the assets, finances and operations of the corporate debtor for determining the financial position of the corporate debtor, including information relating to- (i) business operations for the previous two years; (ii) financial and operational payments for the previous two years; (iii) list of assets and liabilities as on the initiation date; and (iv) such other matters as may be specified; (b) receive and collate all the claims submitted by creditors to him, pursuant to the public announcement made under sections 13 and 15; (c) constitute a committee of creditors; (d) monitor the assets of the corporate debtor and manage its operations until a....
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.... under section 56, as the case may be, does not receive a resolution plan under sub-section (6) of section 30; or (b) rejects the resolution plan under section 31 for the non-compliance of the requirements specified therein, it shall - (i) pass an order requiring the corporate debtor to be liquidated in the manner as laid down in this Chapter; (ii) issue a public announcement stating that the corporate debtor is in liquidation; and (iii) require such order to be sent to the authority with which the corporate debtor is registered. (2) Where the resolution professional, at any time during the corporate insolvency resolution process but before confirmation of resolution plan, intimates the Adjudicating Authority of the decision of the committee of creditors approved by not less than sixty six per cent. of the voting share to liquidate the corporate debtor, the Adjudicating Authority shall pass a liquidation order as referred to in sub-clauses (i), (ii) and (iii) of clause (b) of sub-section (1). (3) Where the resolution plan approved by the Adjudicating Authority is contravened by the concerned corporate debtor, any person....
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....ondent/RLS Alloys Private Ltd, did not go through the rigmorale of Corporate Insolvency Resoluton Plan (CIRP). In this case, the "Corporate Debtor" namely, RLS Alloys Private Ltd, the 3rd Respondent was ordered to be liquidated by the Committee of Creditors (COC) in their meeting held on 28.05.2019 and thus, its assets were brought to sale by the Resolution Professional (RP). 84. As per Section 53 of the Code, the proceeds from the sale of the assets during the liquidation of the "Corporate Debtor" are to be distributed in a prescribed manner. The hierarchy for distribution of assets of a "Corporate Debtor" to the creditors is popularly referred to as the "waterfall mechanism". Section 53(1) of the Code reads as under: "53. Distribution of assets. (1) 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 order of priority and within such period as may be specified, namely: - (a) The insolvency resolution process costs and the liquidation costs paid in full; (b)The fol....
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....cial Liquidators Section 270 Section to 303 Section 304 to Section 323 Section 324 to Section 358 Section 359 to Section 365 Part-I Part-II Part-III Part-IV 270. Winding up by the Tribunal 271. Circumstances in which company may be wound by Tribunal 272. Petition for winding up 273. Powers of Tribunal 274. Directions for filing statement of affairs 275. Company Liquidators and their appointments 276. Removal and replacement of liquidator 277. Intimation to Company Liquidator, Provisional Liquidator and Registrar 278. Effect of winding up order 279. Stay of suits, etc., on winding up order 280. Jurisdiction of Tribunal 281. Submission of report by Company Liquidator 282. Directions of Tribunal on report of Company Liquidator 283. Custody of company's properties 284. Promoters, Directors etc., to cooperate with Company Liquidator 285. Settlement of list of contributions and application of assets 286. Obligations of Directors and Managers 287. Advisory Committee 288. Submission of periodical reports to Tribunal 289. [Omitted] 290. Powers and duties 324. Debts of all descriptions to ....
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....es Act, 1956 (1 of 1956). (3) For the purpose of winding up of the sick industrial company, the High Court may appoint any officer of the operating agency, if the operating agency gives its consent, as the liquidator of the sick industrial company and the officer so appointed shall for the purposes of the winding up of the sick industrial company be deemed to be, and have all the powers of, the official liquidator under the Companies Act, 1956 (1 of 1956). (4) Notwithstanding anything contained in subsection (2) or sub- section (3), the Board may cause to be sold the assets of the sick industrial company in such manner as it may deem fit and forward the sale proceeds to the High Court for orders for distribution in accordance with the provisions of section 529A, and other provisions of the Companies Act, 1956 (1 of 1956). 88. The Sick Industrial Companies (Special Provisions) Act, 1985 was repealed by Sick Industrial Companies Act, 2003 with effect from 01.01.2004. 89. As far as the winding up of the Company under the Companies Act, 1956 is/was concerned, the Hon'ble Supreme Court after consulting the High Courts, framed the Companies (Court) Rules, 1959....
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.... Companies which are under liquidation under the provisions of the Companies Act, 1956 and where ever there is/was delay, the Court entertain(s) the Claim Petitions beyond the period prescribed so as to ensure that legitimate interest of (a) creditor(s) is/are not lost even when the date prescribed for filing the Claim Petition have already expired. 96. The procedure to windup a company under Section 433 of the Companies Act, 1956 is now vastly different under the Companies Act, 2013 and under the Code. 97. Under Section 433 of the Companies Act, 1956 there were six instances when a company could be ordered to be wound up after following procedure, apart from voluntary winding up under Chapter IV of Part VII of the Companies Act, 1956. 98. Under Section 271 of the Companies Act, 2013, there is a slight departure. Only five of the circumstances, under Section 433 of the Companies Act, 1956 have been specified for winding up of a company before the NCLT under the provisions of the Companies Act, 2013. 99. However, in case of inability of a corporate debtor to the pay the amount due to its creditors or where the company wants certain relief, it has to be under the provisio....
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....reviving a Corporate/Operational Debtor, and the Company by Committee of Creditors (CoC) resolves to liquidate the Corporate Debtor or where the Resolution Application is rejected, the Company has to be liquidated under the new Rules framed thereunder. 104. Therefore, the question to be decided is whether the claims have to be invited afresh for distributing the proceeds from the sale of the assets of the Corporate/Operational Debtor during liquidation where it is resolved to liquidate such Corporate/Operational Debtor or whether the claim filed earlier for preparation of Information Memorandum under Section 29 of the Code to enable a prospective Resolution Applicant to file Resolution Plan is sufficient and has to be considered as the last chance to file such claims, even where it is resolved to liquidate the Corporate/Operational Debtor. 105. That apart, the claims that are filed for the purpose of preparation of Information Memorandum is different from the claim that has to be entertained after liquidation is ordered. This is because the Company may have continued to carry on business even after the Moratorium is declared under Section 14 of the Code and in case any debt i....
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....e Court in Ghanashyam Mishra and Sons Private Limited through the authorised Signatory (cited supra) has held as under: "94. We have no hesitation to say that the words "other stakeholders" would squarely cover the Central Government, any State Government or any local authorities. The legislature noticing that on account of obvious omission certain tax authorities were not abiding by the mandate of the I&B Code and continuing with the proceedings, has brought out the 2019 Amendment so as to cure the said mischief. We therefore hold that the 2019 Amendment is declaratory and clarificatory in nature and therefore retrospective in operation. ..... 97. "Creditor" therefore has been defined to mean "any person to whom a debt is owed and includes a financial creditor, an operational creditor, a secured creditor, an unsecured creditor and a decree-holder". "Operational creditor" has been defined to mean a person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred. "Operational debt" has been defined to mean a claim in respect of the provision of goods or services including employment or a debt in....
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....bted fact. We believe that the appellant ought to have been vigilant enough in the aforesaid circumstances to find out whether the corporate debtor was undergoing CIRP. The appellant has been deficient on this aspect. The result, of course, is that the appellant to an extent has been left high and dry. 22. Section 15 IBC and Regulation 6 of the IBBI Regulations mandate a public announcement of the CIRP through newspapers. This would constitute deemed knowledge on the appellant. In any case, their plea of not being aware of newspaper pronouncements is not one which should be available to a commercial party. 23. The mere fact that the adjudicating authority has yet not approved the plan does not imply that the plan can go back and forth, thereby making the CIRP an endless process. This would result in the reopening of the whole issue, particularly as there may be other similar persons who may jump onto the bandwagon. As described above, in Essar Steel [Essar Steel (India) Ltd. (CoC) v. Satish Kumar Gupta, (2020) 8 SCC 531 : (2021) 2 SCC (Civ) 443], the Court cautioned against allowing claims after the resolution plan has been accepted by the COC. 24. We hav....
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....ess and not during liquidation. Section 53, as held earlier, enacts the waterfall mechanism providing for the hierarchy or priority of claims of various classes of creditors. The careful design of Section 53 locates amounts payable to secured creditors and workmen at the second place, after the costs and expenses of the liquidator payable during the liquidation proceedings. However, the dues payable to the government are placed much below those of secured creditors and even unsecured and operational creditors. This design was either not brought to the notice of the Court in Rainbow Papers or was missed altogether. In any event, the judgement has not taken note of the provisions of IBC which treat the dues payable to the secured creditors at a higher footing than dues payable to the Central or State Government. ---- 58. In view of the above discussion, it is held that the reliance on Rainbow Papers is of no avail to the appellant. In this Court's view, that judgement has to be confined to the facts of that case alone." 116. The Hon'ble Supreme Court recently in Sanjay Kumar Agarwal vs. State Tax Officer (1) and another, (2024) 2 SCC 362 considered its de....
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....1st Respondent as a secured creditor cannot be defeated. The Insolvency Resolution Professional (IRP) ought to have taken note of the Impugned Attachment Order dated 03.02.2016 passed against the 3rd Respondent/RLS Alloys Pvt Ltd, the Corporate Debtor. 118. That apart, a secured creditor like the 1st Respondent stands on a different footing and is a class apart from other creditors. As per Section 52(1) of the Code, a secured creditor in the liquidation proceedings at best may relinquish its security interest to the liquidation estate and receive proceeds from the sale of assets from the liquidator in the manner specified in Section 53 of the Code or realize its security interest in the manner specified in Section 52 of the Code. 119. Under Section 52(1) of the Code, a Secured Creditor in liquidation proceedings may:- (a) relinquish its security interest to the liquidation estate and receive proceeds from the sale of assets by the liquidator in the manner specified in Section 53. (b) realise its security interest in the manner specified in this section. 120. If a secured creditor decides to realise its security, the amount of insolvency resolution process....
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....e from the corporate debtor or any person connected therewith in taking possession of, selling or otherwise disposing off the security, the secured creditor may make an application to the Adjudicating Authority to facilitate the secured creditor to realise such security interest in accordance with law for the time being in force. (6) The Adjudicating Authority, on the receipt of an application from a secured creditor under subsection (5) may pass such order as may be necessary to permit a secured creditor to realise security interest in accordance with law for the time being in force. (7) Where the enforcement of the security interest under sub-section (4) yields an amount by way of proceeds which is in excess of the debts due to the secured creditor, the secured creditor shall- (a) account to the liquidator for such surplus; and (b) tender to the liquidator any surplus funds received from the enforcement of such secured assets. (8) The amount of insolvency resolution process costs, due from secured creditors who realise their security interests in the manner provided in this section, shall be deducted from the proceeds of any realisatio....
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....e claim of the 1st Respondent. Further, the request for bringing the security interest of the 1st Respondent to sale was made as early as 10.08.2020 whereas, the asset was brought to sale only on 24.10.2024 pursuant to E-auction Notice dated 18.11.2024 which is long after the request of the 1st Respondent on 10.08.2020 wherein it has been clearly stated that the 3rd Respondent corporate/operational debtor M/s.RLS Alloys Private Limited was in arrears of tax for the Assessment Years 2012-2013 to 2014-2015. 131. The claim of a secured creditor under Section 52 and Section 53 of the Code makes it clear that the right of the secured creditor is sacrosanct and cannot be diluted as compared to different categories of creditors. 132. The crown debt is on the top of pyramid after the interest of the workers are taken care, where there is no secured asset. If the secured creditor chooses to work out the remedy independently, only the excess amount recovered by such secured creditor is to be paid back to the liquidator for making it available for distribution to the other category of credit. 133. In fact a somewhat similar provision was also available under Section 12(2) of the Pres....
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....d creditor, registration of Sale Certificate dated 23.01.2025 pursuant to auction held on 24.12.2024 cannot be countenanced. The sale made has seriously compromised the rights of the 1st Respondent as a "secured creditor". 137. Since the Petitioner has invested a sum of Rs. 3,05,55,143/- for purchasing the security interest of the 1st Respondent, the only remedy available/left for the Petitioner is to recover the amount from the person to whom amounts were paid by the liquidator through liquidation process. 138. The liquidator has to assist the Petitioner for recovering the amount(s) that may have been paid to the creditors who may have filed claim statements and would have received the amount from the liquidator. The amount recovered may be paid to the 1st Respondent. Once the amount is fully paid to the 1st Respondent, the impugned attachment will stand vacated /lifted. 139. Therefore, this Writ Petition is liable to be dismissed for the present with the above observation. It is accordingly dismissed. No costs. Consequently, the connected Miscellaneous Petition is closed. ============= Document 1 "பாரà¯à®µà¯ˆà®¯à®¿à®²à¯ க....