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TMI Blog2023 (3) TMI 401X X X X Extracts X X X X X X X X Extracts X X X X ..... ss objection have been filed challenging various grounds as against the order of Ld. CIT(A). 2. Assessee is engaged in the business of manufacturing of poultry feeds. During the course of appellate proceedings, none represented the assessee before us and Shri G. H. Sema, CIT, DR and Shri Vijay Kumar, Sr. DR represented the department. On going through the records, it is noticed that the erstwhile authorised representative of the assessee has placed on record, details about the proceedings before the National Company Law Tribunal (NCLT) under the provisions of Insolvency & Bankruptcy Code 2016 (IBC). It is noted that NCLT in the petition filed by the assessee vide petition no. CP/IB No. 440/KB/2018 had applied for initiation of Corporate Insolvency Resolution Process (CIRP) u/s. 9 of the IBC read with Rule 6 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules 2016. Against the said petition, NCLT delivered its order dated 22.10.2019 and appointed Shri Pankaj Kumar Tibrewal as the Insolvency Resolution Professional (IRP) having registration no. IBBI/IPA/001/1P/P-01577/2018-19/12410. NCLT vide its order, granted moratorium u/s. 14 of the IBC and directed the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceeding shall be instituted by or against the corporate debtor save and except the liberty to the liquidator to institute suit or other legal proceeding on behalf of the corporate debtor with prior approval of this Adjudicating Authority, as provided in section 33(5) of the Code read with its proviso. h. In accordance with section 33(7) of the Code, this liquidation order shall be deemed to be a notice of discharge to the officers, employees and workmen of the corporate debtor except to the extent of the business of the corporate debtor continued during the liquidation process by the Liquidator. i. In terms of section 33(1)(b)(iii), the Liquidator shall file a copy of this Order with the Registrar of Companies, West Bengal, Kolkata, within whose jurisdiction the corporate debtor is been registered. Additionally, the Registry shall also forward a copy of this Order to the Registrar of Companies. West Bengal, Kolkata." 3. Keeping the above facts in perspective, we take note of the email dated 30.03.2021 whereby IRP had informed the Official Liquidator Mr. Sunil Mohan Acharya in respect of the date of hearing fixed before this bench. 4. Having gone through the material placed on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 subsection 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 are in the opinion of the Commissioner reasonable. (4) If the liquidator fails to give the notice in accordance with subsection (1) or fails to set aside the amount as required by subsection (3) or parts with any of the assets of the company or the properties in his hands in contravention of the provisions of that subsection, he shall be personally liable for the payment of the tax which the company would be liable to pay: Provided that if the amount of any tax payable by the company is notified under subsection (2), the personal liability of the liquidator under this subsection shall be to the exten ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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 the Liquidator of the Corporate Debtor. It was submitted by the assessee company vide its letter dated 06/06/2022 that as per provisions of section 33(5) of the Insolvency & Bankruptcy Code-2016, no proceeding can be initiated or continued till the completion of liquidation proceedings. During the course of hearing the Ld.AR citing the above reasons, had sought for long adjournments and the Ld.DR on the other hand, did not produce any material to controvert assessee's submission. 4. Having heard both the Ld. representatives and perused the materials placed on record, we observe that the liquidation proceedings has commenced as per the order of the Hon'ble NCLT, Mumbai, in assessee's case thereby appointing Official Liquidator. We are aware ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Income-tax Officer who is entitled to assess the income of the company. (2) The Income-tax Officer shall, after making such enquiries of calling for such information as he may deem fit, notify to the liquidator within three months from the date on which he receives notice of the appointment of the liquidator the amount which, in the opinion of the Income-tax Officer, would be sufficient to provide for any tax which is then, or is likely thereafter to become, payable by the company. [(3) The liquidator- (a) shall not, without the leave of the Commissioner, part with any of the assets of the company or the properties in his hands until he has been notified by the Income tax Officer under subsection (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 subsection 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 unde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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