TaxTMI 
TaxTMI 
2019 (4) TMI 2112
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....n filed by the Resolution professional with a prayer for issuance of direction to SEBI-respondent No. 1 to de-attach the immovable property belonging to the corporate debtor which have been attached vide order dated 29.09.2017 passed by the Recovery Officer, SEBI, Northern Regional Office, New Delhi and thereafter, to hand over the original title deeds of the immovable properties to the Resolution Professional. Another prayer has also been made seeking direction to Department of Income Tax-respondent No. 2 to de-attach immovable properties belonging to the corporate debtor which have been attached by the department and consequently to handover the original title deeds of the immovable properties to the Resolution Professional along with the....
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....d on record in a letter addressed to the standing counsel on 09.04.2019 by the Office of the Tax Recovery Officer (TDS-1). It has been informed that the property which was attached has already been de-attached as per the details given and the letter reads as under:- "In this regard, please find enclosed copy of de-attachment/Releasement letters of property attached under second Schedule of the Income Tax Act, 1961 vide letters F. No.: TRO/TDS-1/DEL/HBN/Revoc. Order/2019-20/21 & 22 dated 09.04.2019 for your kind perusal and necessary action." A copy of the revocation order of 09.04.2019 has also been placed on record and the following properties have been de-attached:- Sl. No. Specification of Property 1. Shop No. 118....
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....ads as under:- "Given Section 238 of the Insolvency and Bankruptcy Code, 2016, it is obvious that the code will override anything inconsistent contained in any other enactment, including the Income-Tax Act. We may also refer in this connection to Dena Bank v. Bhikhabhai Prabhudas Parekh and Co. & Ors. (2000) 5 SCC 694 and its progeny, making it clear that income tax dues, being in the nature of crown debts, do not take precedence even over secured creditors, who are private persons. We are of the view that the High Court of Delhi, is therefore, correct in law." It is clear from the reading of the aforesaid observations of Hon'ble the Supreme Court that the Insolvency & Bankruptcy Code would override anythin....
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.... Sections 14, 15, 17, 18 & 25 of the Insolvency & Bankruptcy Code. The omnibus provision made in Section 14 would also be in conflict with the stand taken by SEBI as no execution proceedings under the provisions of SEBI Act or its regulation can take place during the CIR Process under the Code. In view of the provisions of non-obstante clause of Section 238 of the Code, any right under any other law cannot come in the way of the Insolvency & Bankruptcy Code. In the absence of records and possession of the property belonging to the corporate debtor, the Resolution Professional would not be able to perform his statutory duties in a time bound manner and there would be no possibility of any resolution which is the primary object of the Insolve....