TaxTMI 
TaxTMI 
2024 (1) TMI 1555
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....al, Chandigarh Bench, Chandigarh ( in short 'Adjudicating Authority') by which an application bearing I.A. 486/2021 filed by the Respondent in CP (IB) No. 339/Chd/Hry/2019 under Section 54 of the Insolvency and Bankruptcy Code, 2016 (the "Code") has been allowed. 2. Shorn of unnecessary details, M/s Ultratreat Industrial Services filed a petition under Section 9 of the Code against M/s Karan Processors Pvt. Ltd. ('Corporate Debtor') which was admitted and the CIRP proceedings were initiated. There was no resolution of the amount claimed, therefore, order for liquidation was passed and Amar Nath was appointed as the Liquidator of the Corporate Debtor. The Liquidator filed the application under Section 54 of the Code for dissolution. While....
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....ribed period does not apply to the taxation department as Section 26 of Haryana Value Added Tax, 2003 creates a first charge on the property of the defaulter. On this premise, the Tribunal issued a direction to the Appellant to treat the claim of the Respondent under Section 53(1)(b)(ii) at par with the debt owed to a Secured Creditor ranking equally with other secured debts. It also directed the Liquidator to ensure that the stakeholders, who have received any money beyond their entitlement at the time of distribution, forthwith return the same as per Regulation 43 of IBBI (Liquidation Process) Regulation, 2016 so that dues of Respondent are paid as directed. Aggrieved by the aforesaid order the present appeal has been filed. 7. It is s....
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....ubmitted that it would be a herculean task for the Appellant (as Liquidator), after the completion of the liquidation proceedings and making all the payment to the Stakeholders, to recover the amount from as many as 29 stakeholders. 12. It is submitted that the total claim received was of Rs. 2.48 Crores and the admitted claim was of Rs. 2.32 Crores but the liquidation value was only of Rs. 39 Lakhs i.e, only about 15% of the total claim admitted out of which the amount has been distributed to as many as 29 stakeholders. 13. It is also submitted that after the liquidation proceedings were over and the application was filed for an order of dissolution, the liquidator does not have any mechanism to incur expenses for recovery of the amo....
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....that it was for the applicant to have approached the OL to have his claim settled within the stipulated period. As he failed to do the same, he is entitled to the fund, which is presently available with the OL, He cannot undo the dividends already paid." 16. No one appears on behalf of the Respondent. 17. We have heard Counsel for the Appellant and perused the record. 18. There is no doubt that at the time when the Appellant rejected the claims of the Respondent, there was a timeline and the window was open till 26.12.2020 whereas Form C was submitted on 01.03.2021 but the decision of the Hon'ble Supreme Court, which is a declaration of law, rendered on 06.09.2022 categorically says that the filing of dues within the prescribed per....