Patanjali Foods wins Supreme Court case against Tax Department

Patanjali Foods (BSE: PATANJALI) announced a favorable ruling from the Supreme Court of India regarding a dispute with the Income Tax Department. The case centered on pre-Corporate Insolvency Resolution Process (CIRP) demands of Rs. 186 crores. Initially, the National Company Law Tribunal (NCLT) had quashed demand notices from the department. This decision was later upheld by the Bombay High Court after the Deptt.'s Writ Petition was dismissed in April 2024. The Supreme Court's dismissal of the Special Leave Petition solidifies the legal stance that pre-CIRP liabilities, not included in the claims, are extinguished, preventing further proceedings related to those claims. The company released this information under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.