TWENTY FIRST CENTURY WIRES RODS LTD.,MUMBAI vs. ACIT, CIRCLE- 16(1), NEW DELHI

At the outset, learned counsel appearing for the assessee submitted that National Company Law Tribunal (NCLT) in judgment dated 12.09.2018 has granted moratorium in terms of Section 14 of Insolvency and Bankruptcy Code 2016. He submitted that, as a result, no suit or appeal can be pursued including the pending disputes. He submitted, keeping this fact in view, the Tribunal has dismissed the cross appeals relating to the assessee for assessment year 2008-09 with a liberty to revive the appeal subject to further order of the NCLT. He submitted, similar decision may be taken in case of these appeals as well.

We have heard the parties and perused the material available on record.

Undisputedly, in case of the present assessee insolvency, resolution process has been initiated by the NCLT and moratorium in terms of Section 14 of the Code has been granted.

Considering the above aspects, the Tribunal vide order dated 02.02.2022 has dismissed the cross-appeals relating to the assessee for the assessment year 2008-09 being & 4128/Del/2012.

Keeping in view the submissions of the parties and the order passed by the Tribunal in assessment year 2008-09, as referred to above, we dismiss the present appeals with liberty to the assessee to seek revival of the appeals subject to further orders of NCLT.

In the result, both the appeals are dismissed.