BENLON INDIA LTD.,NEW DELHI vs. ACIT, CIRCLE- 4(2), NEW DELHI

The Assessee has come in appeal challenging the appellate order of ld CIT(A)-2, New Delhi dated 22.06.2018 by which the ld First Appellate Authority had partly allowed the appeal of the Assessee.

As the case was called for hearing an application was moved for adjournment and it was submitted that an order u/s 60(5) of Insolvency and Bankruptcy Code, 2016 has been passed on 20.10.2020 and the resolution plan has been approved. It was submitted that in accordance with the resolution plan, the Assessee company has moved an application with the AO for respective relief and concessions in accordance with the NCLT orders. It was submitted that as the Assessee is waiting for appropriate orders from AO therefore, adjournment may be granted.

The bench is of considered view that grounds for adjournment are not justified as after the approval of resolution plan nothing is left to be adjudicated as Section 31(1) of the IBC provides that all the dues including the statutory dues of the Central Govt. or State Govt. or any local authority, if not part of the resolution plan shall stand extinguished. That being so, the claim of revenue and the Assessee are required to be now determined in accordance with the resolution plan and as the Assessee has already approached the ld AO for appropriate orders. The appeal of the Assessee is allowed for statistical purposes and issue is restored to the files of the juri ictional AO to follow the resolution plan. Order pronounced in the open court on 17/08/2022. - - (N. K. BILLAIYA) JUDICIAL MEMBER Dated: 17/08/2022 A K Keot