DCIT CEN CIR 5(4), MUMBAI vs. UTTAM GALVA STEELS LTD, MUMBAI

These are the six appeals filed by the Dy. Commissioner of Income tax, Circle 5(4), Mumbai, (the LD AO) for A.Ys. 2007–08 to 2012–13 in case of Uttam Galva Steels Ltd.

Today, at the time of hearing, the assessee preferred the application for adjournment of hearing where it has been stated that assessee is undergoing insolvency resolution process. The insolvency resolution professional has also been appointed and therefore the matters may be adjourned.

We find that in view of Section 14 of IBC 2016 no proceedings can continue against the corporate debtor during the pendency of insolvency proceedings.

In view of the above facts and in terms of provisions of section 14 of IBC 2016, no proceedings can continue against the corporate debtor during pendency of insolvency proceedings. Therefore, we dismiss all these six appeals filed by the learned Assessing Officer with a liberty to file application for recalling this order as soon as the insolvency proceedings are over. In view of this, all the six appeals are dismissed.

In the result, all the six appeals filed by the learned Assessing Officer are dismissed.