NCLT Ahmedabad reserves order on State Bank of India's Section 7 insolvency petition against Shreebhav Polyweaves Pvt Ltd.
Applicant's counsel sought more time for rejoinder but was denied as sufficient opportunity had already been granted.
Arguments were heard from both SBI's counsel and the Income Tax Department's Senior Standing Counsel.
The court considered the Supreme Court judgment in Vaibhav Goel & Anr. v. Deputy Commissioner of Income Tax & Anr.