NO TDS on Sale of Property by Liquidator under the IBC, 2016?
M & A Critique|December 2023
Case Law: Company Appeal (AT) (Insolvency) No. 624 of 2020
Satish Kadroli
NO TDS on Sale of Property by Liquidator under the IBC, 2016?

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:

Diese Geschichte stammt aus der December 2023-Ausgabe von M & A Critique.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

Diese Geschichte stammt aus der December 2023-Ausgabe von M & A Critique.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

WEITERE ARTIKEL AUS M & A CRITIQUEAlle anzeigen
Raymond Group continues Segregation of its Business Verticals
M & A Critique

Raymond Group continues Segregation of its Business Verticals

After successful demerger of \"Lifestyle Business,\" Raymond Limited announced yet another restructuring to unlock further value for stakeholders.

time-read
3 Minuten  |
August 2024
Ultratech Cements adds India Cement in its shopping cart
M & A Critique

Ultratech Cements adds India Cement in its shopping cart

India's Cement Industry is poised for consolidation. In recent past we have seen multiple large & small acquisitions in cement segment for consolidating positions.

time-read
3 Minuten  |
August 2024
Valor Estate Limited: "Diversification" to "Sepration" of Hospitality Business
M & A Critique

Valor Estate Limited: "Diversification" to "Sepration" of Hospitality Business

“From investments in hospitality business, the demerger transaction will enable VEL to start its construction in hospitality”

time-read
4 Minuten  |
August 2024
SIEMENS Energy to be a separate entity in alignment with global strategy
M & A Critique

SIEMENS Energy to be a separate entity in alignment with global strategy

Siemens AG announced its Vision 2020+ which included the spin-off of its Gas & Power [G&P) i.e., Energy Business into Siemens Energy.

time-read
5 Minuten  |
June 2024
Arvind Group separates its Advanced Material Business for independent growth trajectory
M & A Critique

Arvind Group separates its Advanced Material Business for independent growth trajectory

Advanced Material Business (AMD) of Arvind Limited focuses on advanced materials and caters to customer needs across the textile value chain, including specialty yarns, fabrics, and ready-made products.

time-read
3 Minuten  |
June 2024
Merger for bail-out from debt obligation
M & A Critique

Merger for bail-out from debt obligation

Ind Swift Limited (herein after also referred to as 'ISL' or 'Transferor Company') is engaged in the business of manufacturing of Pharmaceutical Products.

time-read
3 Minuten  |
June 2024
Batliboi Ltd. merging its associate company
M & A Critique

Batliboi Ltd. merging its associate company

Batliboi Limited has a history of collaborations with various foreign technical partners and has subsidiaries like Hydraulic & General Engineers Ltd. and Batliboi International Ltd. In March 2024, the board of Directors of Batliboi Limited accorded their approval for the merger of promoter owned private company with itself.

time-read
2 Minuten  |
May 2024
TVS Motors issuances of convertible preference shares as bonus instead of dividend
M & A Critique

TVS Motors issuances of convertible preference shares as bonus instead of dividend

Recently, well known auto manufacturer announced the issuance of preference shares as a bonus to all equity shareholders.

time-read
3 Minuten  |
May 2024
Aditya Birla Fashion & Retails Scheme to undo its consolidation
M & A Critique

Aditya Birla Fashion & Retails Scheme to undo its consolidation

Corporate restructuring saga continues for Aditya Birla Group.

time-read
5 Minuten  |
May 2024
Advent International to combine its listed & private entity business
M & A Critique

Advent International to combine its listed & private entity business

Recently, Advent International announced the merger of its privately held pharma company into recently acquired listed pharma company.

time-read
6 Minuten  |
April 2024