The liquidator of the company had approached the Mumbai bench of the National Company Law Tribunal (NCLT) to recover about Rs 1 crore deducted from the company as TDS even when there was a moratorium in place under the insolvency and bankruptcy law. Mumbai-based Precision Fasteners was admitted under the corporate insolvency resolution process (CIRP) in 2017, on a petition filed by Asset Reconstruction Company India.
