NCLT held that it is to be remembered that the time is the essence of the code and CIRP has to be completed in time bound manner and, as such, if the attachment of Bank Account is not removed by the Income Tax Commissioner in that event the very object of the 1B Code will get frustrated, more so when the respondent (s) have already filed his/ their claim before the RP. Hence, under the facts and circumstances as narrated above the application so filed by the applicant under section 60(5) is allowed and respondent is directed to remove attachment/ lien marked by Income Tax Department Central Circle- 2(2). Accordingly, instant applicant is allowed and stands disposed off.

Court order copy