FUTURE ENTERPRISES LIMITED,MUMBAI vs. CIRCLE-9(3)(2), NOW MERGED WITH CIRCLE-1(3)(1), MUMBAI

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ITA 254/MUM/2023Status: DisposedITAT Mumbai24 May 2023AY 2013-143 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that as per Section 14 of the IBC-2016, no suit or proceedings can be continued against the corporate debtor during the moratorium period. Therefore, the appeal was dismissed.

What were the facts?

The assessee filed an appeal against an order of the NFAC. The assessee's case was referred to Corporate Insolvency Resolution Process under the IBC-2016, and a moratorium period was declared.

What were the issues?

Whether proceedings against a corporate debtor are stayed during the moratorium period declared under the Insolvency and Bankruptcy Code, 2016.

Which sections of the Income-tax Act were involved?

Section 14

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “F” BENCH, MUMBAI

Before: SHRI AMARJIT SINGH & SHRI SANDEEP SINGH KARHAIL, JUDIICAL MEMBER

Hearing: 18.05.2023Pronounced: 24.05.2023

Appellant by : Rashmi Vyas Respondent by : Ankush Kapoor Date of Hearing 18.05.2023 Date of Pronouncement 24.05.2023 आदेश / O R D E R Per Amarjit Singh (AM): This appeal is filed by the assesse against the order passed by the NFAC, Delhi, dated 23.12.2022 for A.Y. 2013-14.

2.

At the time of hearing the ld. Representatives has brought to the knowledge of the bench that case of the assessee has been referred to the Corporate Insolvency Resolution Process under IBC-2016 and also furnished the copy of order of the NCLT dated 27.02.2023. It is noticed that in the case of the assessee the matter is pending before the Insolvency Professional in terms of Insolvency and Bankruptcy Code 2016 (the ‘Code’) and moratorium period has been declared as per Sec. 14 of the Code.

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