NCLAT Holds ICBC Cannot Retain ₹27.60 Crore FD as Reliance Owed No Dues, Lien Letter Limited to Debtor’s Own Liabilities [Read Order]

The National Company Law Appellate Tribunal (NCLAT) held that the Industrial and Commercial Bank of China Limited (ICBC) was not entitled to retain a fixed deposit of Rs. 27.60 crore belonging to Reliance Communication Infrastructure Limited (RCIL), as no dues were owed by the corporate debtor and the lien letter did not extend to the…

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Calcutta HC upholds Property Tax Liabilities on Auction Buyers, dismisses Writ Petition [Read Order]

In a recent judgment, the Calcutta High Court dismissed a writ petition filed by auction purchasers challenging demands for pre-purchase property tax arrears and upheld the property tax liability of auction purchaser despite of Insolvency Bankruptcy Code (IBC), 2016. It was observed that the statutory charge under Section 232 KMC Act overrides the IBC’s general…