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TMI Blog2020 (6) TMI 392X X X X Extracts X X X X X X X X Extracts X X X X ..... release the refund amount HELD THAT:- We have brought it to the notice of learned counsel for the Appellant that in Form B of Insolvency and Bankruptcy Board of India (Corporate Insolvency Resolution Process) Regulation there is no provision made for Operational Creditors to claim that Corporate Debtor has created security interest. On the other hand, in Form C, which is meant for Financial Credit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Central - 2, Chennai' moved application to set aside the order dated 19th September, 2019 whereby order of Income-tax Department dated 4th October, 2018 for attachment of the refund, which was valid for six months in terms of sub-section (2) of Section 281B of the Income-tax Act, 1961, as amended from time to time, the Adjudicating Authority observed that the time period of six months has exp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made for Operational Creditors to claim that Corporate Debtor has created security interest. On the other hand, in Form C, which is meant for Financial Creditors, there is specific provision for Financial Creditor to state as to whether the security interest is created by Corporate Debtor or not. 3. In view of the aforesaid lacuna, even the Income-tax Department if Secured Creditor, cannot cla ..... X X X X Extracts X X X X X X X X Extracts X X X X
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