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Income Tax Appellate Tribunal, ‘B’ BENCH, KOLKATA
Before: Shri Rajesh Kumar & Shri Sonjoy Sarma
-131/KOL/2020 Assessment Years: 2002-2003 to 2006-2007 Kilburn Chemicals Limited 2. A letter was placed before the Bench on 12th June, 2023 written by the Authorized Signatory of the assessee-company, wherein it has been stated that the Corporate Insolvency Resolution Process (in short ‘CIRP’) was initiated in the case of appellant under the Insolvency and Bankruptcy Code, 2016 and subsequently the Resolution Plan of Meghmani Organics Limited (‘Resolution Applicant’) was approved by the Hon’ble National Company Law Tribunal vide order dated 16th December, 2021a copy of which is attached as Annexure 1 & 2 of the said letter. It was stated in the said letter that prior to the date of the order, all the liabilities shall stand extinguished and hence these appeals become infructuous and may be allowed to be withdrawn.
The ld. D.R. did not oppose facts as narrated above in the written communication.
After considering the facts on record especially the letter dated 12.06.2023 and the order dated 16th December, 2021 passed by the NCLT, we find merit in the petition moved by the assessee’s ld. Authorized Representative that all the liabilities prior to the date of order i.e. 16.12.2021 stand extinguished and hence, these appeals become infructuous and may be allowed to be withdrawn. Accordingly, we dismiss these appeals as withdrawn. -131/KOL/2020 Assessment Years: 2002-2003 to 2006-2007 Kilburn Chemicals Limited
In the result, all the appeals of the assessee are dismissed. Order pronounced in the open Court on 28th June, 2023.