2022 (11) TMI 726

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....ating to the Assessment Year (A.Y) 2013- 14. 2. None appeared on behalf of the assessee. However the Resolution Professional Mr. Vikash Gautam Chand Jain has filed a submission dated 23/07/2021 stating that an Operational Creditor has filed a Company Petition No. (I.B.) No. 586/NCLT/AHM/2019 for initiating the Corporate Insolvency Resolution Process (hereinafter referred "CIRP") as against the respondent/assessee Sona Alloys Pvt. Ltd. under the provisions of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred "IBC") before the Hon'ble NCLT vide its order dated 16.06.2020 has admitted the Company Petition and vide order dated 20/10/2020appointed Mr. Vikash Gautam Chand Jain as Resolution Professional in the place of Mr. Jagdish....

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.... Section 14 of IBC shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector Regulator. (4) The order of moratorium shall have effect from the date of this order till the completion of the corporate insolvency resolution process: Provided that where at any time during the corporate insolvency resolution process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of section 31 or passes an order for liquidation of corporate debtor under section 33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. 3. As per sub-section (4) of Section 14 of IBC, all the pro....

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.... observing as under:- " 4. We find that the present appeals have been filed by the assessee against the order of Ld. CIT (A) whereby demands have been created in respect of the additions sustained /enhanced by the Ld. CIT (A). Once NCLT has passed the order in pursuance of petition filed u/s 7 of IBC for initiating insolvency process against the corporate debtor, i.e., the assessee company and there is moratorium imposed u/s 14 of IBC, then all the proceedings stands in abeyance. The relevant portion of the order reads as under:- .......................... 5. Thus, in view of the above, no proceedings can be initiated against the corporate debtor, that is, assessee company including the present proceedings before ....