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02.01.2025 I.A. No. 8171 of 2024 This is an application praying for condonation of 33 days delay in re-filing the Appeal. Appellant claims to have filed the Appeal on 01.10.20214 and defects were marked an 05.10.2024. Sufficient cause has been shown in paragraph 5 for condonation of re-filing delay. Refiling delay is condoned.
Heard Learned Counsel for the Appellant.
This Appeal has been filed against the order passed by Adjudicating Authority dated 20.09.2024 in No. IA/341(AHM)/2024 which was filed by Successful bidder of the auction sale. The direction has been issued to the Appellant to refund the amount of Rs.1,40,54,870/- aggrieved by the said order the Appellant has filed this Appeal.
Learned Counsel for the Appellant submits that there is no dispute that the said amount was income tax refund but the said amount was received much prior to the sale notice issued on 09.12.2021, but by mistake it was not brought into the notice of the member of Committee of Creditors as well as the Liquidator.
The Adjudicating Authority in paragraph 7(VI) has made following observations:
“…… VI. It is noted that in the sale notice cum invitation for expression of interest for sale of assets of Corporate Debtor as a going concern under liquidation dated 09.12.2021, the “Income Tax Refund” is shown under the head of “Short Term Loans & Advances” as balances with government authorities.”
And further the balance sheets as on 31.03.2021 has been noticed in paragraph 11 of the order, which is as follows:
“……
11.In light of the above this Tribunal directs that as per the Balance sheet 31.03.2021 the amount of Rs.1,40,54,870/-being income tax refund shall form part of the assets of the Corporate Debtor and such amount of Rs.1,40,54,870/- shall be paid by the Respondent No.2 i.e., Canara Bank, to the applicant no. 2 within 7 days of this order.”
When the Expression of Interest for sale of assets clearly included that income tax refund which was to go to the successful auction purchaser as reflected in the balance sheet of 31.03.2021, we do not find any error in the order of Adjudicating Authority directing the Appellant to give the amount of Rs.1,40,54,870/- which was income tax refund. Sufficient reasons have been given by Adjudicating Authority for issuing directions impugned in the appeal. We thus, do not find any good ground to entertain the appeal. Appeal is dismissed.