TMI Blog2022 (6) TMI 1362X X X X Extracts X X X X X X X X Extracts X X X X ..... the Official Liquidator has not appeared before us so far to present the case of the assessee. Even during the moratorium period specified under section 14(1)(a) of the IBC Code, the Ld.representative for the AR made no representation on several hearings and the case was adjourned on various hearings. Therefore, we are of the considered opinion that no suit or other legal proceedings shall be initiated by or against the corporate debtor which is also applicable for pending proceedings and the Proviso to section 33(5) also provides prior approval of the Adjudicating Authority to be obtained by the Official Liquidator. It is also to be observed that in case of parallel proceedings under Income-tax Act, 1961 and IBC, 2016, the IBC has a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ring the course of the appellate proceedings, the Ld.AR representing the assessee company had submitted details with regard to the proceedings before the Hon ble National Company Law Tribunal under various provisions of Insolvency and and Bankruptcy Code- 2016 initiated by Bank of Baroda as one of the lender of the assessee company. It was further stated that Hon ble NCLT vide its order dated 01/02/2019 had appointed Mr. Sunilkumar Choudhary as Interim Resolution Professional subsequently one Mr. Anil Mehta was appointed as Resolution Professional. As the Resolution Plan was rejected, for the purpose of liquidation, it is seen that the RP Mr. Anil Mehta having Registration No.IBBI/IPA-001/IP-P00749.2017-2018/11282 has been appointed as th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xxxxx (5) Subject to section 52, when a liquidation order has been passed, no suit or other legal proceeding shall be instituted by or against the corporate debtor: 5. Therefore, we are of the considered opinion that no suit or other legal proceedings shall be initiated by or against the corporate debtor which is also applicable for pending proceedings and the Proviso to section 33(5) also provides prior approval of the Adjudicating Authority to be obtained by the Official Liquidator. 6. Pertinently, it is also to be observed that in case of parallel proceedings under Income-tax Act, 1961 and IBC, 2016, the IBC has an overriding effect over the provisions of the Income-tax Act which has been decided by Hon ble Apex Court in Princip ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or the properties in his hands until he has been notified by the Income tax Officer under sub-section (2) ; and (b) on being so notified, shall set aside an amount, equal to the amount notified and, until he so sets aside such amount, shall not part with any of the assets of the company or the properties in his hands : Provided that nothing contained in this sub-section shall debar the liquidator from parting with such assets or properties for the purpose of the payment of the tax payable by the company or for making any payment to secured creditors whose debts are entitled under law to priority of payment over debts due to Government on the date of liquidation or for meeting such cost and expenses of the winding up of the company as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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