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GST Liability Becomes Operational Debt Post-CIRP: NCLAT Upholds Claim Transfer to Private Creditor, Dismisses Ellison Oil’s Appeal [Read Order]
The National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi, has dismissed Ellison Oil Field Services Pvt. Ltd.’s appeal...
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‘Misprint in TAXMANN Income Tax Bare Act’: Bombay HC Condones 509-Day Delay in Filing Form 9A, says Such Errors cannot Adversely Affect Assessee [Read Order]
“The Petitioner or its Tax Advisor would never know that such a publication would carry a mistake as to the date from which an amendment to the Income Tax Act, 1961 has been made applicable”, said the court
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GST Liability Becomes Operational Debt Post-CIRP: NCLAT Upholds Claim Transfer to Private Creditor, Dismisses Ellison Oil’s Appeal [Read Order]
The Tribunal held that once CIRP is initiated, tax dues crystallise into operational debt under the Insolvency and Bankruptcy Code (IBC), which can be legally assigned or transferred. Upholding the reconstitution of the Committee of Creditors (CoC), NCLAT confirmed that the Resolution Professional acted within Regulation 28 of the IBC Regulations.
Kavi Priya
![Service Tax Not Payable on liquidated damages collected from supplier on account of non-performance of the contracts: CESTAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/12/CESTAT-CESTAT-Bangalore-Service-Tax-liquidated-damages-Taxscan.jpg "Service Tax Not Payable on liquidated damages collected from supplier on account of non-performance of the contracts: CESTAT [Read Order]")
Yogitha S. Yogesh
Rupesh Sharma
Saagarika Gopinath
Navasree A.MGST Liability Becomes Operational Debt Post-CIRP: NCLAT Upholds Claim Transfer to Private Creditor, Dismisses Ellison Oil’s Appeal [Read Order]
The Tribunal held that once CIRP is initiated, tax dues crystallise into operational debt under the Insolvency and Bankruptcy Code (IBC), which can be legally assigned or transferred. Upholding the reconstitution of the Committee of Creditors (CoC), NCLAT confirmed that the Resolution Professional acted within Regulation 28 of the IBC Regulations.
