NCLT - Vacates Revenue's attachment notice, cites IBC's precedence over IT Act

Sep 10,2019

NCLT vacates notice issued by Income Tax authorities, attaching Rathna Stores Pvt. Ltd.'s ('Corporate Debtor') assets that formed a part of its liquidation estate, thereby enabling the Liquidator to proceed with the liquidation process under IBC; Notes Liquidator's submission that the only remedy available to the IT authorities in respect of liquidation estate was to make a claim before the Liquidator, for dues realizable from Corporate Debtor; Upholds the Liquida...

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