Section 33 of IBC bars institution of new suits during ...

Section 33 allows pending suits, but Respondent unlawfully adjusted ITR against pre-CIRP dues sans claim. ITR was liquidation estate; adjustment violated stakeholders' rights.

Case Laws Insolvency and Bankruptcy

July 15, 2024

Section 33 of IBC bars institution of new suits during liquidation process, but allows continuation of pending suits/proceedings, unlike Section 14 which prohibits both. Respondent unlawfully adjusted ITR amount against pre-CIRP tax dues without filing claim before Liquidator, despite public announcement. ITR amount was part of liquidation estate, and adjustment violated rights of other stakeholders. Matter remanded to examine quantum of set-off allowed against Respondent's claim entitlement in liquidation proceedings.

View Source

← Previous Next →

Section 33 of IBC bars institution of new suits during ...

Section 33 allows pending suits, but Respondent unlawfully adjusted ITR against pre-CIRP dues sans claim. ITR was liquidation estate; adjustment violated stakeholders' rights.

Case Laws Insolvency and Bankruptcy

July 15, 2024

You may also like:

Maintainability of present suit - liquidator is appointed and liquidation proceedings commenced - If Sections 63 and 231 of the IBC are interpreted in the manner...

Initiation of CIRP - pre-existing dispute or not - While admitting that the civil suit was filed subsequent to the issue of notice under Section 8 of IBC, it has been...

CIRP - Recovery of electricity dues - Liability of successful Auction Purchaser in the liquidation proceeding of the Corporate Debtor - The submission of the Appellant...

Refund of amount which had been adjusted during CIRP by the Appellant Bank from Fixed Deposits - Once CIRP was initiated and Section 14 of IBC applied such adjustment by...

Refund of Pre-deposit alongwith interest - Adjustment of pre-deposit with pending demand - A pre-deposit would become refundable the moment an Appellate Authority comes...

Vires of definition of dealer - validity of Section 2(15)(ix) and explanation 1 of Section 2 (33(vi)) of TNVAT - Post GST era - Mere apprehension of the petitioner does...

Initiation of CIRP - Operational Creditors - existence of pre-existing dispute or not - Careful reading of Section 8(2)(a) of the Code provides that the existence of...

Maintainability of advance ruling application questioned due to pending classification issue before Customs Officer for 13 imported products used in Lithium-ion cell...

Belated payment of GST after due date of filing return u/s 139(1) - disallowance u/s 43B - assessee's failure to discharge statutory dues by actual payment within due...

Assessment proceedings were pending when registration u/s 12A was granted on 22/02/2016. The assessee had filed income tax return in ITR-7 instead of ITR-5. The issue...

Corporate Debtor failed to repay operational debt of rent to Operational Creditor as per lease deed. Operational Creditor consistently pressed for outstanding dues...

Demand of differential duty - Revenue adjusted rebate (refund) from Unit II towards interest due from Unit I - the rebate cannot be adjusted towards the interest due of...

The NCLAT held that Section 238 of the IBC gives overriding effect to proceedings u/s 7, despite Section 10 of CPC. Proceedings u/s 7 must proceed, as the Code's...

The National Company Law Appellate Tribunal, New Delhi, addressed the admissibility of a section 9 application for initiation of Corporate Insolvency Resolution Process...

Suit for permanent injunction regarding outstanding dues and arrears of storage charges. Order VII Rule 11 CPC. Plaintiff specifically reserved rights in first suit...

Quick Updates: