TaxTMI 
TaxTMI 
2026 (4) TMI 1637
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....n; (b) Pending the admission, hearing and final disposal of this petition, stay the implementation and operation of the impugned notice as well as impugned order at Annexure-"A (Colly.)" to this petition and stay further proceedings for Assessment Year 2018-19; (c) Any other and further relief deemed just and proper by granted in the interest of justice; (d) To provide for the cost of petition." 4. The brief facts of the case are as follows: 4.1. The petitioner is a company registered under the Companies Act, 1956. The petitioner had filed the return of income under the provisions of the Income Tax Act, 1961 (for short "the Act") for the Assessment Year 2018-19. 4.2. The case of the petitioner qua Assessment Year 2018-19 was proposed to be reopened by the issuance of a notice dated 30.03.2022 under Section 148 of the Act. 4.3. The petitioner was subjected to the insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 ("IBC"), wherein, a Corporate Insolvency Resolution Process ("CIRP") was initiated under Section 7 of the IBC, which was admitted by the Adjudicating Authority vide order dated 05.10.2021. 4.4. An Interim Resoluti....
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....issuance of notice under Section 263 of the Act. 6. DISCUSSION & FINDINGS:- 6.1. A perusal of the Resolution Plan which came to be approved on 05.10.2021 by the Tribunal would reveal the following provisions as evident from the relevant portion extracted below:- "EFFECT OF THE RESOLUTION PLAN" 3.15. Tax Exemptions : With the approval of Resolution Plan by the AA, it is assumed that an exemption shall be deemed to have been granted to the Corporate Debtor from the obligation to pay taxes in accordance with the Finance Act, 2020. With the approval of this Resolution Plan by the Adjudicating Authority, it is assumed that, reasonable opportunity of being heard have been given to the jurisdictional Principal Commissioner of Income Tax or Commissioner of Income Tax and the Corporate Debtor shall be entitled to carry forward the unabsorbed depreciation and accumulated losses under Income Tax and minimum alternate tax and to utilize such amounts to set off against future tax obligations. xxx xxx xxx Other Terms : a. Approval of this plan shall be deemed approval for waiver from filing of statutory returns (including but n....
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....e guarantee given under this Resolution Plan. g. Resolution Applicant also reserves the right to review, rescind or terminate any contract, agreement or understandings that have been entered into by the GSL NOVA PETROCHEMICALS LIMITED prior to the cut-off date. It is assumed that all the material contracts been posted or made available to the resolution applicant on or before the submission of this Resolution Plan and it shall not be liable to pay any damages or charges or penalty for any breach of all such contracts or agreements which has not been provided before the submission of the Resolution Plan. Prayer is being hereby made to the Adjudicating Authority for passing necessary order with respect to the above clause while approving the resolution plan placed before it. h. Having said the above, each such amount / claim / liability, is a "claim" and "debt" each as defined under the IBC and would consequently qualify as "operational debt" (as defined under the IBC) and therefore the full amount of such claims shall be deemed to be owed and due as of the Insolvency Commencement Date, and no payments is envisaged against such claim or debt. Maximum envisaged amoun....
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....ssessed and unassessed under the Income Tax Act, 1961 "shall stand waived and extinguished". 8. In case of Committee of Creditors of Essar Steel India Ltd. (Supra),the Hon'ble Apex Court has held as under:- "107. For the same reason, the impugned NCLAT judgment in holding that claims that may exist apart from those decided on merits by the resolution professional and by the Adjudicating Authority/Appellate Tribunal can now be decided by an appropriate forum in terms of Section 60(6) of the Code, also militates against the rationale of Section 31 of the Code. A successful resolution applicant cannot suddenly be faced with "undecided" claims after the resolution plan submitted by him has been accepted as this would amount to a hydra head popping up which would throw into uncertainty amounts payable by a prospective resolution applicant who would successfully take over the business of the corporate debtor. All claims must be submitted to and decided by the resolution professional so that a prospective resolution applicant knows exactly what has to be paid in order that it may then take over and run the business of the corporate debtor. This the successful resolution applic....