2023 (1) TMI 1264

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.... LALIET KUMAR, J.M. : This appeal filed by the revenue, feeling aggrieved by the order passed by the Learned Commissioner of Income Tax (Appeals)-5, Hyderabad, dated 27.01.2014 for the A.Y 2010-11. None appeared on behalf of the assessee. 2. At the outset it is represented by Revenue that the Corporate Insolvency Resolution Proceedings (CIRP) are pending against the assessee and as of now, Hon&....

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....ed by the Adjudicating Authority under sub section (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the Corporate Debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority, guarantors and other stakeholders. On the date of approval of resolution plan by the Adjudicating Autho....

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....visions under section 13 and 14 of the Code along with the decision in Ghanashyam Mishra And Sons (supra), clearly shows that once the proceedings have commenced by institution of application under section 7 or 9 or 10 of the Code, the continuance of the pending proceedings is prohibited and when once they reach the logical conclusion with due approval of the resolution plan by the Adjudicating Au....