https://www.taxtmi.com/caselaws?id=436530 The Tribunal dismissed the Revenue's appeal against the order of the ld. Commissioner of Income Tax (Appeals)-2, Aurangabad for the assessment year 2013-14. It held that under the Insolvency and Bankruptcy Code, 2016, once Corporate Insolvency Resolution Proceedings (CIRP) commence, pending proceedings are prohibited until the resolution plan is approved. Claims not part of the plan are extinguished upon approval, aligning with the aim of settling claims against the Corporate Debtor. The judgment emphasized the importance of resolution plan approval, citing relevant case law and legislative amendments, ultimately upholding the principles of the IBC. en-us Wed, 30 Nov 2022 00:00:00 +0530 Fri, 14 Apr 2023 12:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436530 The Tribunal dismissed the Revenue's appeal against the order of the ld. Commissioner of Income Tax (Appeals)-2, Aurangabad for the assessment year 2013-14. It held that under the Insolvency and Bankruptcy Code, 2016, once Corporate Insolvency Resolution Proceedings (CIRP) commence, pending proceedings are prohibited until the resolution plan is approved. Claims not part of the plan are extinguished upon approval, aligning with the aim of settling claims against the Corporate Debtor. The judgment emphasized the importance of resolution plan approval, citing relevant case law and legislative amendments, ultimately upholding the principles of the IBC. Case-Laws Income Tax Wed, 30 Nov 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436530