TaxTMI 
TaxTMI 
2022 (6) TMI 1362
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....allenging various grounds as against the order of Ld.CIT(A) pertaining to various assessment years. 2. There is delay in filing the appeals in ITA No.7006 & 7007/Mum/2016 by 10 days. After hearing the parties, we deem it fit to condone the delay and admit appeals for adjudication. 3. The assessee company is engaged in the business of construction and development of infrastructure projects. During the course of the appellate proceedings, the Ld.AR representing the assessee company had submitted details with regard to the proceedings before the Hon'ble National Company Law Tribunal under various provisions of Insolvency and and Bankruptcy Code- 2016 initiated by Bank of Baroda as one of the lender of the assessee company. It was further sta....
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....(a) of the IBC Code, the Ld.representative for the AR made no representation on several hearings and the case was adjourned on various hearings. This being so, upon considering the provisions of section 33(5) of the IBC Code, which is reproduced hereinbelow:- 33. (1) Where the Adjudicating Authority, - (a), (b)(i) to (iii) xxxxxxxxxxxxxxxxxxxxxxxxxxxx (2) to (4) xxxxxxxxxxxxxxxxxxxxxxxxxx (5) Subject to section 52, when a liquidation order has been passed, no suit or other legal proceeding shall be instituted by or against the corporate debtor: 5. Therefore, we are of the considered opinion that no suit or other legal proceedings shall be initiated by or against the corporate debtor which is also applicable for pending proceedings ....
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.... from the date on which he receives notice of the appointment of the liquidator the amount which, in the opinion of the Income-tax Officer, would be sufficient to provide for any tax which is then, or is likely thereafter to become, payable by the company. 1[(3) The liquidator- (a) shall not, without the leave of the Commissioner, part with any of the assets of the company or the properties in his hands until he has been notified by the Income tax Officer under sub-section (2) ; and (b) on being so notified, shall set aside an amount, equal to the amount notified and, until he so sets aside such amount, shall not part with any of the assets of the company or the properties in his hands : Provided that nothing contained in this sub-s....