2023 (10) TMI 1465 - SCH - IBC

Seeking relief from Income Tax Dues - Benefit of Board for Industrial and Financial Reconstruction (BIFR) scheme denied - scheme came to an end - SICA was repealed - it is submitted that an appeal would now lie with the NCLAT in terms of the Insolvency and Bankruptcy Code (Removal of Difficulties) Order 20172 issued by the Central Government in exercise of its powers under Section 242(1) of the Insolvency and Bankruptcy Code 2016 - It was held by High Court that the promoters had not complied with the Scheme which they now submit is binding on all other parties. It also appears that the entire exercise of gifting the shares to the Company and the Company selling the same was with the object of ensuring that the capital gains arise in the hands of the Company so as to enable the Company to claim further exemption. HELD THAT - Application for exemption from filing a certified copy of the impugned judgment is allowed. Issue notice on the prayer for interim relief returnable after six weeks.

Summary

The Supreme Court of India granted exemption from filing a certified copy of the judgment. Leave was granted, and notice on the prayer for interim relief is returnable after six weeks. Liberty is granted to serve the standing counsel, and Dasti service is permitted.