TaxTMI 
TaxTMI 
2025 (9) TMI 135
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....certain essential reliefs and concessions as mentioned under Para 31 and aforementioned Table of the present application; c. Direct the Corporate Debtor/ Applicant shall be at liberty in approach this Hon'ble Adjudicating Authority to address any difficulties faced with respect to implementation in taking over of the Corporate Debtor in liquidation; d. Grant liberty to the Applicant to amend, alter, modify, delete, rescind and/or substitute any prayer(s); pass any further orders(s) or directions that this Hon'ble Adjudicating Authority may deem fit and proper; e. To the extent any secretarial filings, corporate actions and compliances and/or any other actions, filings, intimations, etc. are required to be made in connection with any step set forth in this Application, the Liquidator, shall be deemed to be fully authorized to act on behalf of the Corporate Debtor and to undertake all such actions. Without prejudice to the foregoing, the Applicant may, if required and from time to time, seek necessary directions from the Adjudicating Authority in connection with actions to be undertaken o filings to be made with the ROC and/or any other statutory or....
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....various reliefs and concessions prayed by the Appellant. However, with respect to certain reliefs and concessions, Adjudicating Authority either did not grant reliefs and concessions or observed that the Appellant may apply to concerned authorities. Aggrieved by the order of the Adjudicating Authority, this Appeal has been filed. In the Appeal, Appellant has prayed for following reliefs:- "a) Set aside the impugned order dated 09.05.2025 passed by the Hon'ble National Company Law Tribunal Bench-V at Mumbai, in I.A. 1368/2025 in C.P. No. (IB) 1023/MB/C-V/2021, to the extent that it either refuses to grant certain essential reliefs and concessions to the Appellant/Successful Bidder, or grants them but subject to limitations/conditions, as noted at paragraph 16 herein above of the present appeal; and b) Pass an affirmative order granting the said reliefs and concessions to the Appellant/Successful Bidder as are noted at paragraph 16 herein above of the present appeal, being the reliefs and concessions expounded in rows 11, 12, 13, 16, 17, 18, 21, 24, 25, 26, 27, 29, 30, 31, 32, 36, 37, and 38 in the table set out at paragraph 22 of the impugned order dated 09.05.....
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....ry reliefs and concessions. First relief which has not been granted and which has been questioned in this Appeal is relief at Item No.11. It is relevant to notice Relief 11. A perusal of the relief clause 11 indicates that the said prayers run in more than 10 Columns. It is useful to extract relief prayer 11 which is as follows:- 11. Direct the respective Governmental Authorities (including but not limited to the CBDT, Central Board of Excise, ESIC, PF Departments and Customs/ respective value added tax, GST, MSEDCL, Gram Panchayat [Surjatpur], Zilla Parishad, FSSAI, Maharashtra Pollution Control Board, Fire Department, other authorities, tribunals, arbitral body, land revenue authorities, stamp authorities) to: • provide relief to the Corporate Debtor from all past Litigations (as defined in the Acquisition Plan) pending at different levels and provide waiver from all Tax dues, including interest and penalty on such Litigations; • Unabsorbed depreciation from past years shall be allowed to be utilized, irrespective of whether the Income Tax returns were not filed or were filed late by the Corporate Debtor, as this is permitted under the Income Tax A....
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....ation of the Plan; • any requirement to obtain waivers from any tax authorities including in terms of section 115B of the Income Tax Act, 1961 be deemed to have been granted; • If any Income Tax related returns are not filed or delayed filed by Corporate Debtor then Successful Bidder should be allowed to file these returns and it should be treated as if the returns were filed in time. Further, the Applicant be allowed to file modified / rectified /revised returns up-to liensfer Date. Further the benefit of bought forward and carry forward losses relating to this period will be available to the Corporate Debtor under the new management for fresh period of eight years from the Transfer date. • Exemption from Tax on Restructuring of Balance Sheet including Debt Assignment: No Income Tax shall be imposed on the conversion of liabilities as per the books by assignment to Applicant conversion or into capital reserves or Profit & Loss Account or the issue of bonus shares from the Reserve and Surplus of the Corporate Debtor or conversion to Securities Premium Account to successful bidder оr proposed its proposed shareholders or transfer of Share....
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....n prayed for by Appellant- Successful Bidder. Filing of such application by Successful Bidder is nothing but waste of time of Court. 9. Similarly, with regard to other reliefs which have not been granted as noticed in appeal. One of the reliefs which has been referred to Item No.12 which Item No.12 although has been granted but with certain condition. It is useful to extract prayer 12 which is as follows:- 12. A direction be issued authorizing the Corporate Debtor to prepare and file financial statements and returns (with required disclaimers) either through the Applicant or through any authorized person as deemed fit, with relevant regulators such as the Registrar of Companies, Income Tax Authorities, or any other governmental authorities for period prior to issue of Sale Certificate. Granted, for the period prior to ICD and subject to requisite compliances payment of fees etc as per applicable rules/procedure/law. 10. We fail to see when relief as claimed in prayer 12 has been granted for the period of ICD what grievance can be raised by the Appellant. Another example of excessive and unmerited relief is prayer 13 which is to the following effect:- 13. Post-a....
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.... judgment as noticed in paragraph 19 of the impugned order. Paragraphs 19 and 20 of the impugned order are as follows:- "19. Furthermore, this Tribunal has passed an order dated 08.06.2024 in Devendra Singh, Liquidator of Venus Rolling Mills Pvt. Ltd. versus Shantech International Private Limited, I.A. No. 610 of 2024 in CP (IB) No. 350/MB/C-III/2019, which has been upheld by the Hon'ble National Company Law Appellate Tribunal by judgment dated 20.09.2024 in Company Appeal (AT) (Ins.) No. 1520 of 2024 stating that all dues up to pre-CIRP period shall stand and all claims/dues/liabilities up to the liquidation commencement date shall be dealt as per Section 53 of the Code. 20. In Devendra Singh, Liquidator of Venus Rolling Mills Pvt. Ltd. (supra), the Applicant therein had prayed for a relief/concession similarly as sought for with in this petition, which is reproduced as follows: "15.10 A direction that on and from the Acquisition date, all the claims or demands made by, or liabilities or obligations owned or payable to any actual or potential creditors, Financial Creditors, Operational Creditors, Workmen & Employees of the Corporate Debtor including ....