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TMI Blog2022 (6) TMI 212X X X X Extracts X X X X X X X X Extracts X X X X ..... unt. While permitting withdrawal of Section 9 Application, the Adjudicating Authority could have passed an order taking into consideration the Settlement entered between the parties. Hence, direction to Appellant to deposit the deducted amount of TDS cannot be faulted. Company Appeals are disposed of upholding the direction of the Adjudicating Authority to the Appellant to deposit the TDS amount. We, however, set aside the period of 15 days as allowed by the Adjudicating Authority to the Appellant to deposit and we observe that the deposit shall be made by the Appellant during the period as provided by the Income Tax Authorities. - Company Appeal (AT) (Ins.) No. 506 of 2022 Company Appeal (AT) (Ins.) No. 873 of 2021 Company Appeal (AT) (Ins.) No. 874 of 2021 Company Appeal (AT) (Ins.) No. 875 of 2021 - - - Dated:- 3-6-2022 - [Justice Ashok Bhushan] Chairperson , [Shreesha Merla] Member (Technical) And [Naresh Salecha] Member (Technical) For the Appellant : Mr. Mahesh Agarwal, Mr. Shivam Shukla, Mr. Shadab Jan, Mr. Sandeep Khairwal, Mr. Yash Tambe Ms. Prerna Wagh, Advocates. For Appellant : Mr. Mahesh Agarwal, Mr. Shivam Shukla, Mr. Shadab Jan, Mr. Sandeep Khairwa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re the Adjudicating Authority claiming an amount of Rs.5,36,72,736/- towards various heads. It is to be noted that apart from the above Company Petition, various other insolvency applications under Section 9 were filed by the other ex-employees of the Appellant. C.P. No. 1069 of 2020 filed by one Shri Dinesh Gupta was admitted on 13.05.2021 against which order Appellant preferred Company Appeal (AT) (Ins.) No.384 of 2021 where this Tribunal directed the Adjudicating Authority to grant stay on the formation of the Committee of Creditors (CoC). On 23.06.2021, the Appellant entered into a Settlement Agreement with ex-employees who had filed a Petitions including the Respondents, wherein it was agreed that on receipt of Settlement Amount, ex-employees would withdraw their respective Petitions. The Joint Settlement Agreement also provided that the Appellant shall make payment of the settlement amount by way of demand drafts and that the payment of statutory dues such as the payment of TDS would be made directly to the relevant authorities subject to outcome of the pending proceedings before the relevant income tax authorities. The Adjudicating Authority had rejected the Application for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Learned Counsel for the Appellant contends that the TDS amounts was deducted several years ago and on Application of the Corporate Debtor, the Income Tax Department itself has stayed the recovery till 30.06.2021 and after that there is no interim order. Further, due to non-deposit of the TDS amounts which was already deducted by the Corporate Debtor in the Income Tax Department, Appellant had not been able to receive the tax benefit in the Income Tax which was to be paid by the Appellant. 6. We have considered the submissions of the Learned Counsel for the parties and perused the record. 7. The Settlement Agreement as is brought on the record in Company Appeal (AT) (Ins.) No. 506 of 2022 contains following conditions in Clause 8:- 8. It is agreed between the Parties that the Settlement Amounts set out herein in Schedule I to the present Joint Settlement does not include the claim of the Operational Creditors towards the unpaid Tax Deducted at Source and Provident Fund contributions of employees and employers (together referred to as the Statutory Dues ), as applicable. Mr. Kamal Singh Krishan will ensure that the Corporate Debtors will make payments towards the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 07.2021. In Company Appeal (AT) (Ins.) No. 506 of 2022, the Appellant has brought on record a notice issued by the Income Tax Authority dated 20.10.2021 to the Principal Controller of Defence Accounts, Ministry of Defence, G-Block, Krishna Menon Marg, New Delhi on the subject recovery proceedings in the case of M/s. Rolta India Ltd. 12. From the aforesaid, it is clear that the steps are being taken by the Income Tax Department for recovery of TDS amount. Present is a case where deposit of TDS amount deducted from the salary of the employees was not deposited by the Corporate Debtor inspite of specific clause entered into the Joint Settlement Agreement that the amount shall be deposited by the Appellant on or before 20.07.2021. The submission of the Counsel for the Appellant is that when Application under Section 9 was to be withdrawn by virtue of payment of all dues to employees under the Settlement Agreement, there was no occasion or jurisdiction of the Adjudicating Authority to issue direction to deposit TDS amount. We are of the view that while permitting withdrawal of Section 9 Application, the Adjudicating Authority could have passed an order taking into consideration the S ..... X X X X Extracts X X X X X X X X Extracts X X X X
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