SEJAL GLASS LTD.,MUMBAI vs. DCIT, CIRCLE - 13(2)(1), MUMBAI

This is the appeal filed by the assessee against the order of the Commissioner of Income Tax (Appeals)-21, Mumbai Passed u/sec143(3) and 250 of the Act.

At the time of hearing, the Ld. DR has brought to the knowledge of the bench that, the assessee has been referred to the Corporate Insolvency Resolution Process as per IBC-2016 Laws. Further the order passed by the National Company Law Tribunal (NCLT), Mumbai dated 26.03.2021 was brought on record.

We found as per the provisions of Sec.14 of IBC- 2016 till the conclusion of proceedings under IBC-2016 no suit or proceedings can be continued against the corporate debtor. Considering the facts and circumstances, we are of the opinion that there is no point in proceeding with the appeal filed by the assesse and also keeping the appeal pending is also a continuation of proceedings.

Accordingly, we considering the provisions of section14 of IBC-2016 Laws and the order of the NCLT dismiss the appeal filed by the Assessee. Further we grant the liberty to the appellant/assessee to move an application to recall the present order after the ITA.No2664/Mum/2018, Sejal Glass v. DCIT moratorium is over as per the provisions of IBC-2016 laws.

In the result, the appeal filed by the assessee is dismissed.