Kindly add the below points after facts of case:-
1. Om Prakash Agrawal; LiquidatorS.Kumars Nationwide Limited ("Appellant" or "Liquidator") who has been appointed as Liquidator of S. Kumars Nationwide Limited a public limited company ("Corporate Debtor") under the provisions of Company Act 1956/2013 having its registered office at B2, 5TH Floor, Marathon Nextgen, off. G.K.Marg, Worli, Lower Parel (West), Mumbai, Maharashtra, India, 400013.
2. Liquidator had sought Adjudicating Authority's direction to prevent 1% TDS deduction on Rs. 43 Crores by the successful bidder (Respondent No.2) in auction held for sale of assets of the Corporate Debtor by Income Tax Authority, arguing inconsistency with Section 53 of the Insolvency and Bankruptcy Code ("IBC"). Contends Section 238 of IBC grants overriding effect to Code's provisions.
3. Adjudicating Authority dismisses Liquidator's plea, stating TDS deduction under IT Act Section 194-1A does not signify tax assessment or demand collection by the department. Emphasizes that TDS is the purchaser's duty, not tantamount to priority payment of government dues.
4. Being aggrieved with this order, the Appellant filed the Appeal against the order of Adjudicating Authority before National Company Law Appellate Tribunal, New Delhi.
The Applicant Company's submission:
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