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Facts
The Assessee filed an appeal against the CIT(A)'s order for AY 2012-13. The Assessee sought an adjournment stating that the NCLT had admitted a petition for Corporate Insolvency Resolution Process (CIRP) against them and imposed a moratorium.
Held
The Tribunal noted that a moratorium was imposed by the NCLT. Consequently, the present appeal filed by the Assessee was held to be not maintainable and was dismissed.
Key Issues
Whether the appeal filed by the Assessee is maintainable during the pendency of the CIRP and moratorium imposed by the NCLT.
Sections Cited
7, 14
AI-generated summary — verify with the full judgment below
Income Tax Appellate Tribunal, DELHI
PER YOGESH KUMAR, U.S. JM:
The present appeal is filed by the Assessee against the order of the Commissioner of Income Tax Appeal [‘Ld. CIT(A)’ for short] dated 05/10/2017 for the Assessment Year 2012-13.
The Ld. Counsel for the Assessee filed application for adjournment contending that the NCLT vide its order dated 11/01/2024 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.
The CIRP process is currency on- going and the matter is sub-judice before the Tribunal.
We have gone through the order of the NCLT dated 11/01/2024 passed u/Section 7 of Insolvency and Bankruptcy Code 2016, wherein by admitting the application filed by the applicant a moratorium has been imposed. In view of the same, the present Appeal filed by the Assessee/Company is not maintainable, accordingly, Appeal filed by the Assessee is hereby dismissed with a liberty to the Assessee/Resolution Professional to file appropriate application for restoration of the Appeal, if so advised.
In the result, the appeal filed the Assessee is dismissed.