Authority: National Company Law Tribunal (NCLT), Allahabad Bench, Prayagraj
Order Date: 11th June, 2026
Case Overview
This hearing pertains to a composite application and petition filed by IV County Private Limited, along with Transport Finance Limited and Ramsisaria Builders Limited, under Sections 230/232 of the Companies Act, 2013. These sections typically govern schemes of arrangement or compromise between a company and its creditors/members. The matter was heard by a division bench consisting of Member (Judicial) Sh. Praveen Gupta and Member (Technical) Sh. Ashish Verma. Counsel Sh. Rahul Agarwal, assisted by Sh. Abdul Zakaria, appeared for the petitioner companies. Sh. Amit Mahajan, Senior Standing Counsel, appeared for the Income Tax Department. The key issue prompting the adjournment is an ongoing block assessment proceeding by the Income Tax Department against one or more of the involved companies.
Final Outcome
The Tribunal adjourned the hearing to 16th July, 2026. This decision was based on a submission from the Income Tax Department's counsel, who stated that a block assessment proceeding was ongoing and was stipulated to be completed by 31st July, 2026, as per a communication letter dated 1st June, 2026 from the Ministry of Finance, Department of Revenue. Counsel for the petitioner companies submitted that the block assessment for the two transferor companies (Transport Finance Limited and Ramsisaria Builders Limited) had already been completed. The Income Tax Department's counsel sought time to verify this claim. The practical consequence is a delay in the NCLT's proceedings on the scheme until the tax assessment is finalized.
Topics: Legal Proceeding, Tax Assessment