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2022 (2) TMI 754 - HC - Income TaxLegality and validity of the order passed by the Income Tax Appellate Tribunal - Approval of resolution plan for insolvency - National Company Law Tribunal, Ahmedabad Bench (“NCLT”) approving the Resolution Plan (second revised Resolution Plan) including the addendum dated 19th September 2020 of the MCPI Private Limited (Successful Resolution Applicant) in exercise of its powers under Section 31(1) of the Insolvency and Bankruptcy Code, 2016 (for short, “the Code”) for the Insolvency Resolution of the corporate debtor i.e. the applicant (Garden Silk Mills Limited) - whether the appeal of 2013 filed by the Revenue could be said to have stood abated with the passing of the order passed by the NCLT ? - HELD THAT:-The aforesaid question is now no longer res integra in view of the recent pronouncement of the Supreme Court in the case of Ghanshyam Mishra and Sons Private Limited vs. Edelweiss Asset Reconstructions Company Limited [2021 (4) TMI 613 - SUPREME COURT] wherein the Supreme Court took the view that the 2019 amendment to Section 31 of the I&B Code is clarificatory and declaratory in nature and therefore will have a retrospective operation. If the Revenue is dissatisfied in any manner with the sanctioning of the Resolution Plan by the NCLT, then liberty may be reserved in favur of the Revenue to prefer an appeal under Section 61 of the Code, 2016 before the NCLT. We allow this Civil Application filed by the Revenue does not survive and the same is disposed of accordingly without expressing any opinion on the merits of the substantial questions of law framed therein with the aforesaid liberty to file an appeal under Section 61 of the Code, 2016. The Civil Application as well as the Tax Appeal both are disposed of accordingly. Rule is made absolute to the aforesaid extent.
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