NCLT dismisses CIRP Application aimed to avoid Income Tax Liability, slaps Rs 1 Lakh Penalty [Read Order]

Penalty - CIRP - NCLT - penalty - taxscan

The National Company Law Tribunal (NCLT), Kolkata Bench, recently issued a crucial ruling on a Corporate Insolvency Resolution Process (CIRP) petition under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC). In this case, a private limited company sought CIRP initiation to evade Income Tax liability, despite facing a persistent tax demand of Rs….

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