TaxTMI 
TaxTMI 
2023 (2) TMI 1257
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....ssed. Paragraphs 2 to 5 of the impugned order read as under: "2. At the outset, in response to a query from the Bench, the Learned Special Counsel for the Revenue pointed out that insolvency proceedings have been initiated in the case of Imperial Consultants and Securities Limited. 3. On perusal of record, we find that assessment was framed in the hands of Essar Teleholding Limited. On 09/12/2019, name of Essar Teleholdings was changed to Nirjala Teleholdings. Thereafter, by virtue of order, dated 27/06/2022, passed by the National Company Law Tribunal, Division Bench-II, Chennai [CP(CAA)/22/CHE/2022 in CA (CAA) 54 (CHE)/2021], Nirjala Technologies Limited got merged with Imperial Consultants and Securities Limited. Nov, v....
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....the appeal by the Revenue as well as the Assessee are dismissed. Liberty is granted to the Revenue to file the fresh appeal afresh after completion or earlier expiry of the moratorium period, as the case may be. On admission of the admission of Insolvency petition filed by the Financial Creditor under Section 7 of IBC the directors of Imperial Consultants and Securities Limited have become functus officio. The Interim Resolution Professional (IRP) or the Resolution Professional (RP), as the case may be, appointed would now be empowered to pursue all the litigations pertaining to the Assessee-Company in consultation with the Committee of Creditors. Accordinglym liberty is granted to IRP/RP appointed to pursue, after complying the provisions ....
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....lowing, namely: - (a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing off by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); (d) the recovery of any property by an o....
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....the corporate debtor shall stand suspended and it would be exercised by the interim resolution professional. When the authority changes hands from the interim resolution professional to the resolution professional, the previous management continues to be excluded. The committee of creditors comes into being. Under the supervision, 'as it were', of the committee of creditors, all the matters are proceeded with. The resolution plans are received by the resolution professional and the resolution plan which is finally approved by the committee of creditors and still further at the hands of the adjudicating authority, would result in the curtains being wrung down on the moratorium under section 31(3). During this entire period, what is n....