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Facts
The Assessee filed an appeal against the order of the CIT(A). The Assessee's counsel submitted that the NCLT had admitted a petition for Corporate Insolvency Resolution Process (CIRP) and declared a moratorium.
Held
The Tribunal observed that NCLT's order admitting the CIRP and imposing a moratorium meant the present appeal was not maintainable. Consequently, the appeal was dismissed.
Key Issues
Whether an appeal before the ITAT is maintainable when a moratorium has been declared by NCLT under the Insolvency and Bankruptcy Code.
Sections Cited
7, 14
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Income Tax Appellate Tribunal, DELHI
(A.Y. 2016-17) SRS Healthcare & Research Vs. ACIT Centre Ltd. Circle-2 C/o. SRS Mall, Third Floor, New CGO Complex, Sector-12, Faridabad C. R. Building Haryana Faridabad, Haryana PAN: AATACS0535L Appellant Respondent Assessee by Dr.Rakesh Gupta, Advocate, Shri Somil Aggarwal, Advocate and Shri DeepeshGarg, Advocate Revenue by Sh. Mahesh Kumar, CIT(DR) Date of Hearing 28/05/2025 Date of Pronouncement 28/05/2025 ORDER
PER YOGESH KUMAR, U.S. JM:
The present appeal is filed by the Assessee against the order of the Commissioner of Income Tax Appeal, Faridabad [‘Ld. CIT(A)’ for short] dated 25/10/2019 for the Assessment Year 2016-17.
The Ld. Counsel for the Assessee submitted that the NCLT Chandigarh bench vide its order dated 01/03/2023 in CP (IB) No. 521/Chd/Hry/2019 admitted the petition for commencement of Corporate Insolvency Resolution Process (‘CIRP’) against the Assessee under Section 7 of the Insolvency and Bankruptcy Code, 2016 (‘the Code’) and also declared moratorium in terms of Section 14 of the Code. Further the adjudicating authority has been directed appoint Interim Resolution Professional and to take necessary steps as per IBC.
We have gone through the order of the NCLT dated 01/03/2023, wherein by admitting the application filed by the applicant a moratorium has been imposed and the adjudicating authority has been directed appoint Interim Resolution Professional and to take necessary steps as per IBC. In view of the same, the present Appeal filed by the Assessee is not maintainable, accordingly, Appeal filed by the Assesseeis hereby dismissed with a liberty to the Assessee/Resolution Professional to file appropriate application for restoration of the present Appeal, if so advised.
In the result, the appeal filed the Assessee is dismissed with liberty.