TMI Blog2019 (7) TMI 1301X X X X Extracts X X X X X X X X Extracts X X X X ..... From the record, it appears that there is income and profit generated by the Company in the financial year 31st March, 2017, we are not inclined to interfere with the impugned order. Appeal dismissed. - Company Appeal (AT) (Insolvency) No. 258 of 2019 - - - Dated:- 15-5-2019 - Mr S. J. Mukhopadhaya, Chairperson, Mr A. I. S. Cheema, Member (Judicial) And Mr Kanthi Narahari, Member (Te ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation u/s 10 of Insolvency Bankruptcy Code ( I B Code), 2016. Learned counsel appearing on behalf of the Respondent submits that the Adjudicating Authority has also stated that the Securities and Exchange Board of India (SEBI) is not Operational Creditor but we are not accepting such an issue in view of decision of this Appellate Tribunal in Pr. Director General of Income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anners prescribed in Section 5(8) or otherwise, as Section 5(8) is an inclusive definition. On the other hand, an operational debt would include a claim in respect of the provision of goods or services, including employment, or a debt in respect of payment of goods or services, including employment, or a debt in respect of payment of dues arising under any law and payable to the Government or an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... going concern, only in such case, the statutory liability, such as payment of Income Tax, Value Added Tax etc., will arise. As the Income Tax , Value Added Tax and other statutory dues arising out of the existing law, arises when the Company is operational, we hold such statutory dues has direct nexus with operation of the Company. For the said reason also, we hold that all statutory dues incl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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