TMI Blog2022 (12) TMI 1310X X X X Extracts X X X X X X X X Extracts X X X X ..... all have the effect from the date of such order till the completion of CIRP; or if, during the CIRP period, Hon ble NCLT approves the resolution plan under section 31(1) or passes an order for liquidation of corporate debtor under section 33 of the Code, moratorium shall cease to have effect on date of such order. As noted above, it has been admitted that the moratorium period has commenced in the present case - Hon ble Supreme Court in case of Alchemist Asset Reconstruction Co. Ltd. v/s Hotel Gaudavan Pvt. Ltd. [ 2017 (12) TMI 1107 - SUPREME COURT] held that even arbitration proceedings cannot be initiated after imposition of the moratorium under section 14(1)(a) has come into effect and it is non est in law and could not have been allowed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ficial Liquidator, as the case may be. - ITA No. 3812/Mum./2017 ITA No. 4796/Mum./2017 - - - Dated:- 5-12-2022 - SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER AND SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER Assessee by : None Revenue by : Shri Prabhat Kumar Gupta ORDER PER SANDEEP SINGH KARHAIL , J. M. The present cross-appeals have been filed by the assessee and the Revenue challenging the impugned order dated 31/03/2017, passed under section 250 of the Income Tax Act, 1961 ( the Act ) by the learned Commissioner of Income Tax (Appeals) 53, Mumbai [ learned CIT(A) ], for the assessment year 2011 12. 2. When the present cross-appeals were called for hearing, neither anyone appeared on behalf of the assessee nor w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order in any Court of law, Tribunal, Arbitration Panel or other authorities, shall be prohibited during the moratorium period. The period of moratorium shall have the effect from the date of such order till the completion of CIRP; or if, during the CIRP period, Hon ble NCLT approves the resolution plan under section 31(1) or passes an order for liquidation of corporate debtor under section 33 of the Code, moratorium shall cease to have effect on date of such order. As noted above, it has been admitted that the moratorium period has commenced in the present case. We find that the Hon ble Supreme Court in case of Alchemist Asset Reconstruction Co. Ltd. v/s Hotel Gaudavan Pvt. Ltd. [2017] 88 taxmann.com 202 (SC) held that even arbitration proc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ode filed by the State Bank of India against the Respondent Assessee and prohibited, inter alia, the institution of suits or continuation of pending suits or proceedings against the Respondent. This would include the present appeal by the Income Tax Department ('Department) against the order of the Income Tax Appellate Tribunal (ITAT) in respect of the tax liability of the Respondent Assessee. 4. Mr. Asheesh Jain, learned Senior Standing counsel for the Revenue, points out that unlike some of the earlier insolvency statutes the Code does not envisage permission being sought from the NCLT for continuation of the continuation of pending proceedings against the Respondent in other fora. In the order dated 18 July 2017 is clear that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eedings commenced under the Code, all the litigations are to be pursued by Interim Resolution Professional appointed by the Committee of Creditors. In view of the above, we are of the considered view that the present cross-appeals, in the current form, are not maintainable. 8. Thus, respectfully following the aforesaid decision in Monnet Ispat Energy Ltd. (supra), which approach has also been adopted by various co ordinate bench of the Tribunal, we dismiss the present appeals with a liberty that upon completion of the moratorium period, if it is so decided, the assessee and the Revenue may seek recall of this order by impleading Managing Director / Director, representing the new management of the assessee company, or the Official Liqui ..... X X X X Extracts X X X X X X X X Extracts X X X X
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