2022 (3) TMI 971

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... For the Assessee : None For the Revenue : Shri Shekhar L. Gajbhiye (CIT-DR) ORDER PER SANDEEP SINGH KARHAIL, J.M. The present cross appeals have been filed by either parties challenging the order dated 27.04.2015, passed by the learned Commissioner of Income Tax (Appeals)-53, Mumbai, under section 250 of the Income Tax Act, 1961 ("the Act"), for the assessment year 2012-13. 2. When....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ancial Creditors of Global Softech Ltd. ("Corporate Debtor"), under section 7 of the Code read with Rule 4 of Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 before the Hon'ble Adjudicating Authority i.e. National Company Law Tribunal, Ahmadabad Bench, Ahmadabad ("Hon'ble NCLT") for initiation of Corporate Insolvency Resolution Process ("CIRP") of the Corporate De....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....on process. In the present case, the appeal filed by the Revenue is an institution of suit against the corporate debtor, which is prohibited under section 14 of the Code. Hon'ble Supreme Court in case of Alchemist Asset Reconstruction Co. Ltd. v. Hotel Gaudavan (P.) Ltd. [2017] 88taxmann.com 202 held that even arbitration proceedings cannot be initiated after imposition of the moratorium u/s 14 (1....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e resolution plan. Thus, this will prevent State authorities, Regulatory bodies including Direct & Indirect Tax Departments from questioning the resolution plan. Therefore, there is no reason to keep this appeal pending. 8. In view of the above, we dismiss the appeal filed by the Revenue with the liberty to the Assessing Officer to file the appeal afresh after completion of moratorium period up....