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Section 14 of the Insolvency and Bankruptcy Code, read with its...
Insolvency moratorium bars income-tax revision proceedings against corporate debtors until the moratorium ends, preserving merits for later determination.
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Section 14 of the Insolvency and Bankruptcy Code, read with its overriding provision, prohibits the institution or continuation of proceedings against a corporate debtor during the insolvency moratorium. Income-tax revisional proceedings initiated or continued during that period cannot be sustained. A revisional order passed after commencement of the moratorium was set aside without examination of the proposed revision on merits. The proceedings may be revived and reframed after the moratorium ceases, if permitted by law, with a reasonable opportunity of hearing; all merits issues remain open.
Section 14 of the Insolvency and Bankruptcy Code, read with its overriding provision, prohibits the institution or continuation of proceedings against a corporate debtor during the insolvency moratorium. Income-tax revisional proceedings initiated or continued during that period cannot be sustained. A revisional order passed after commencement of the moratorium was set aside without examination of the proposed revision on merits. The proceedings may be revived and reframed after the moratorium ceases, if permitted by law, with a reasonable opportunity of hearing; all merits issues remain open.
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