ANKUR JAIN, ACIT(OSD), RANGE -10, ITO C.R BUILDING vs. GOODLUCK CARBON PVT. LTD. , NEW DELHI

This Revenue’s appeal as well as assessee’s cross objections for assessment year 2014-15, arises against the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre [in short, the “CIT(A)/NFAC”], Delhi’s DIN and order no. ITBA/NFAC/S/250/2023-24/1057535071(1), dated 31.10.2023 involving proceedings under section 143(3) of the Income-tax Act, 1961 (hereinafter referred to as ‘the Act’). Heard both the parties. Case file perused.

We notice at the outset during the course of the hearing that there is hardly much a need for the tribunal to delve with the relevant factual matrix at length so far as the Revenue’s instant main appeal as well as the assessee’s cross-objection herein, are concerned. This is for the precise reason that the assessee’s financial creditor, namely, Canara Bank has already filed its case C.P. No. IB 595(ND)/2023 before the National Company Law Tribunal, New Delhi, Court-IV which stands admitted and vide order dated 18.10.2024, the said learned bench has declared moratorium in terms of Section 14 of the Insolvency and Bankruptcy Code, 2016 thereby imposing the following conditions: “7.1 The application bearing IB-595(ND)/2023 filed by the Applicant/(FC), under section 7 of the Code read with Rule 4 of the Adjudicating Authority Rules for initiating CIRP against the Corporate Debtor is admitted. 7.2 We also declare moratorium in terms of Section 14 of the Code. The necessary consequences of imposing the moratorium flows from 2 | P a g e the provisions of Section 14(1)(a), (b), (c) & (d) of the Code. Thus, the following prohibitions are imposed: (a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, Adjudicating Authority, arbitration panel or other authority; (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d)The recovery of any property by an owner or lessor, where such property is occupied by or in the possession of the corporate debtor. (e) The IB Code 2016 also prohibits Suspension or termination of any license, permit, registration, quota, concession, clearances or a similar grant or right given by the Central Government, State Government, local authority, sectoral regulator or any other authority constituted under any other law for the time being in force, on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license, permit, registration, quota, concessions, clearances or a similar grant or right during the moratorium period.”