M/S JAY POLYCHEM (INDIA) LTD.,NEW DELHI vs. ACIT, NEW DELHI

I.T. Appeal Nos. 6463 and 6464/Del/2016 are filed by the above assessee. Notices were issued at the address given in column No. 11 of Form No. 36 filed by the assessee. Such notices have been returned by the postal authorities stating that no such company exists at the given address.

The ld. DR submitted that above company has been referred to the Insolvency & Bankruptcy Code, 2016. Nobody appeared on behalf of the assessee. 3. On careful consideration it is found that the above company has been referred for initiation of corporate insolvency process in terms of Section 9 of the Insolvency & Bankruptcy Code, 2016. The National Company Law Page | 1 Tribunal, New Delhi Bench in IB 419 (ND) – 2017 vide order dated 13th April, 2018 has referred this company for insolvency proceedings. Mr. Rajnish Singh, 2019, Shiv Market, Pitampura, New Delhi-34, has also been appointed as IRP. The present appeals are found to be filed by Shri Sandeep Singh Madhok in the capacity of the Director of that company. The moment IRP is appointed, the board of the company is super-ceded. Therefore, the appeals filed by these Directors are not maintainable. In view of this, we dismiss both the appeals filed by the assessee with a liberty that as soon as the committee of creditors directs to pursue this matter then the IRP should file these appeals. If it is so decided, then we give liberty to the IRP either to make an application for recall of this order by filing corrected Form No. 36 or to file the fresh appeals with the condonation of delay request. Accordingly, both the appeals filed are dismissed.