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2023 (3) TMI 38 - ITAT DELHIProceedings against corporate debtor - financial creditor Application u/s 7 of Insolvency and Bankruptcy Code 2016 against the assessee before NCLT allowed - HELD THAT:- No proceedings can be initiated against the corporate debtor, i.e., assessee company including the present proceedings before this Tribunal, or the income tax proceedings and recovery of demand or giving effect of any order. It is well settled now that, IBC has overriding affect on all the acts including Income Tax Act which has been specifically provided u/s 178(6) of the I.T. Act as amended w.e.f. 01.11.2016. Thus, in view of moratorium declared by NCLT, all the proceedings in the Court of Law, Tribunal etc. cannot continue in view of Amendment to Section 178(6) of the Act, therefore, no useful purpose is going to be served in continuing the present proceedings. In view of the above, we dismiss the appeal in limine.
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