SVL Ltd RP Seeks Income Tax Attachment Lift

Authority: National Company Law Tribunal, Division Bench (Court-I), Chennai

Order Date: June 29, 2026

Case Overview

The matter involves an application (IA(IBC)/1043/CHE/2026) filed by the Resolution Professional of M/s SVL Ltd (Corporate Debtor) against Abhiyantha Project Engineering Pvt Ltd and others. The application arises from main petition CP(IBC)/94(CHE)/2025 and concerns the Corporate Insolvency Resolution Process (CIRP) of SVL Ltd.

The Resolution Professional sought relief from the NCLT to address an attachment/lien/freezing imposed by the Income Tax Department (Respondent No. 1) through a notice dated December 15, 2022, issued under Section 226(3) of the Income Tax Act, 1961. This attachment affects the bank accounts of the Corporate Debtor maintained with Respondent Nos. 2 and 3 (banks).

The specific reliefs sought include: (a) direction to the Income Tax Department to withdraw and cancel the attachment; (b) direction to the banks to permit operation of all accounts by the Resolution Professional without restrictions; (c) restraint on all respondents from taking coercive action against the Corporate Debtor's assets during CIRP; and (d) any other appropriate orders.

Final Outcome

The NCLT bench comprising Hon'ble Shri Sanjiv Jain (Member Judicial) and Hon'ble Shri Venkataraman Subramaniam (Member Technical) directed the applicant (Resolution Professional) to serve copies of the application on all respondents and file an affidavit of service. The matter has been listed for appearance, reply, and hearing on September 4, 2026. No substantive decision on the merits of the application was made at this hearing.

Topics: Insolvency Proceedings, Tax Attachment