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of <h1>Tribunal Dismisses Appeal; Upholds Authority's Direction for Applicant to Seek Tax Benefits Post-Resolution Plan Approval.</h1> <h3>GMSRA Infracon Pvt. Ltd. Versus Shreebhav Polyweaves Pvt. Ltd. & Ors.</h3> The Tribunal condoned the delay in filing the appeal due to the marriage of the drafting counsel. The appeal contested an order by the Adjudicating ... CIRP - Approval of resolution plan - Entitlement to carry forward accumulated losses as per Section 79(2) of the Income Tax Act - Adjudicating Authority has issued direction to the Successful Resolution Application to approach the concerned statutory authority for the concessions - HELD THAT:- In event the Appellant is entitled for benefit of Section 79(2) to carry forward accumulated losses, it shall be open for the Appellant to file an appropriate application before the competent jurisdictional Income Tax Authority to claim the benefit - thus, no error has been committed by the Adjudicating Authority by directing the Successful Resolution Application to approach the concerned statutory authority. In so far as, other reliefs and concessions, the Adjudicating Authority has allowed the application and direction has been issued in Para 13 and 14. In fact, virtually, the application has been allowed by the Adjudicating Authority, hence, there are no reason to entertain this Appeal challenging the second part of the order as contained in Para 14. The directions are only for the purpose that the Corporate Debtor may carry on the business in accordance with law - there are no ground to interfere in the impugned order - appeal dismissed. Issues Involved:1. Application for condonation of delay in filing the appeal.2. Appeal against the order passed by the Adjudicating Authority.3. Interpretation of provisions related to carry forward of accumulated losses under Section 79(2) of the Income Tax Act.4. Direction to approach the concerned statutory authority for concessions and reliefs.5. Extinction of unpaid liabilities and conversion to 'Capital Reserve' as per the resolution plan.Summary:The judgment addressed an application seeking condonation of a delay in filing the appeal due to the marriage of the drafting counsel. The delay was condoned by the Tribunal, disposing of the application.The appeal was filed against an order passed by the Adjudicating Authority, where the Appellant, a Successful Resolution Applicant, was directed to approach the concerned statutory authority for certain concessions and reliefs. The Appellant contended that it was entitled to carry forward its accumulated losses under Section 79(2) of the Income Tax Act, which was included in its resolution plan.The Adjudicating Authority had directed the Successful Resolution Applicant to seek concessions from the statutory authority. The Tribunal held that if the Appellant was entitled to the benefits of Section 79(2), it could file an application before the Income Tax Authority. The Tribunal found no error in the direction given by the Adjudicating Authority.Regarding other reliefs and concessions, the Adjudicating Authority had already allowed the application, and the Tribunal saw no reason to entertain the appeal challenging this part of the order. The observations regarding the extinguishment of unpaid liabilities and conversion to 'Capital Reserve' were related to the approved Resolution Plan, aimed at enabling the Corporate Debtor to continue its business lawfully.Ultimately, the Tribunal dismissed the appeal, stating that there was no basis for interference in the impugned order.
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