2019 (6) TMI 119

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....ns of Insolvency & Bankruptcy Code, 2016. The applicant M/s UltraTech Nathdwara Cement Limited is a Company having its registered office at Block D, 4th Floor, 22 Camac Street, Kolkata. M/s Binani Cement Ltd. was acquired by UltraTech Cement Limited vide Revised Resolution Plan dated 28.05.2018, which was approved by National Company Law Appellate Tribunal, New Delhi (hereinafter referred to as the NCLAT) vide order dated 14.11.2018, which has been affirmed by Hon'ble Supreme Court vide orders dated 19.11.2018 and 08.01.2019. The Binani Cement Ltd. (hereinafter referred to as the 'BCL') was a Company engaged in cement manufacturing business. BCL was having its manufacturing units in the State of Rajasthan and branches all over the country. Within the State of U.P., BCL was having principal place of business at Ghaziabad, which was also the place of business of C & F Agent of BCL i.e. M/s Shree Jee Agencies. BCL was also having branches of different cities, from where cement received on stock transfer basis was sold inside the State of U.P., for which BCL was duly registered under the provisions of U.P. VAT Act, 2008 and Central Sales Tax Act, 1956. It is con....

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.... the plan submitted by the present applicant. In between assessing authority has issued a show cause notice directed the BCL to produce the books of account for the purpose of assessment and also required the reply to the various queries made in the show cause notice. The BCL submitted its reply on each and every queries made in the notice. BCL has also informed the assessing authority regarding the moratorium order passed by the NCLT, Kolkata. However, the order dated 02.05.2018 passed by the NCLT, Kolkata was assailed before the Hon'ble Supreme Court and vide the order dated 02.07.2018, the Supreme Court remitted the matter to the National Company Law Appellate Authority, New Delhi (NCLAT). By the order of the Supreme Court, the insolvency petition has been transferred from NCLT, Kolkata to NCLAT, New Delhi. Pursuant to the order of the Supreme Court, NCLAT passed an order dated 14.11.2018 by which it has approved the revised resolution plan submitted by the present applicant and has held that the same will be binding on the corporate debtor (BCL), its employee, members, creditors, guarantors and other stake holders involved in the Resolution Plan. The order of NC....

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.... the first appellate authority while granting the stay of 50% of the disputed amount of tax. An appeal has been filed before the Commercial Tax Tribunal, Bench Ghaziabad under Section 57(4) of the Act. The Tribunal vide impugned order dated 14.05.2019 has allowed the appeal in part by directing the applicant to deposit 20% of the disputed amount within a period of 30 days. Having heard the learned counsel for the parties and after perusal of the orders passed by the assessing authority, first appellate authority and the impugned order of the Tribunal, I find substance in the submission of learned counsel for the applicant. Since pure legal issue is involved which is to be considered by the first appellate authority in the pending appeal and admittedly a prima facie case on merit is established by the applicant and further both the appellate authority have not applied their mind to consider the issue raised by the applicant, the orders dated 25.04.2014 and 14.05.2019 are liable to be set aside. Learned counsel for the applicant has placed reliance on the Division Bench Judgement of this Court in the case of ITC Ltd. vs. Commissioner (Appeals) passed in Writ Petition no. 121....

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....ds could be subjected to duty, it has to be established that it has been manufacture and it is marketable and to prove that it is marketable, the burden is on the Revenue and not on the manufacturer." Learned counsel for the applicant has also placed reliance of a recent decision of the Apex Court in the case of Principal Commissioner of Income Tax vs. Monat Ispat and Energy Ltd, SLP (C) No.6483 of 2018 dated 10th August, 2018 reported in 2018 SCC OnLine SC 984. The counsel for the applicant has relied on paragraph 3, 4 and 5 of the said judgment, which reads as follows; "3. Given Section 238 of the Insolvency and Bankruptcy code, 2016, it is obvious that the Code will override anythin inconsistent contained in any other enactment, including the Income-Tax Act. 4. We may also refer in this Connection to Dena bank v. Bhikhaphai Prabhudas Parekh and Co. (2000) 5 SCC 694 and its progeny, making it clear that income-tax dues, being in the nature of Crown debts, do not take precedence even over secured creditors, who are private persons. 5. We are of the view that the High Court of Delhi, is, therefore, correct in law." In view of the aforesaid facts,....

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....¸à¥à¤¥à¤¿à¤¤ हुए उनके द्वारा बनाया कि फर्म की आर्थिक स्थिति खराब होने के कारण शत प्रतिशत स्थगन प्रदान करने की प्रार्थना की गई। 3- मेरे द्वारा पत्रावली का अवलोकन किया गया। अतः विचाराधीन प्रकरण में विवादित तथ्यों को देखते हुए कुण दोष पर à....