2022 (8) TMI 1269

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....endra Kumar , CIT - DR ORDER PER RAMA KANTA PANDA , AM : Aggrieved by the order dated 03/10/2019 passed by the learned Commissioner of Income Tax (Appeals)-4, Hyderabad ("Ld. CIT(A)"), in the case of M/s. Neueon Towers Limited, ("the assessee") for the assessment years 2011-12, assessee preferred this appeal. 2. During the course of hearing, it was brought to our notice that assessee p....

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....he case of Ghanashyam Mishra And Sons vs Edelweiss Asset Reconstruction (2021) 126 taxmann.com 132 (SC). Under section 13 of the Code, the adjudicating authority after admission of the application under section 7 or 9 or 10 of the Code shall declare a moratorium which shall include the prohibition of the institution of suits or continuation of pending suits or proceedings against the corporate deb....

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....f the I&B Code is clarificatory and declaratory in nature and therefore will be effective from the date on which I&B Code has come into effect; and (iii) Consequently all the dues including the statutory dues owed to the Central Government, any State Government or any local authority, if not part of the resolution plan, shall stand extinguished and no proceedings in respect of such dues for the pe....

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....al authority, guarantors and other stakeholders. At any rate, for the time being, this appeal cannot be proceeded with during the continuance of the proceedings under the Code. However, depending upon the result of such proceedings before the adjudicating authority in respect of the corporate debtor, appropriate steps if any, may be taken by the appellant/respondent. We, therefore, granting leave ....