AIRCEL LIMITED,CHENNAI vs. ACIT CORPORATE CIRCLE 1(1), CHENNAI

During hearing of captioned matters, Ld. AR submitted that the assessee has approached Hon’ble National Company Law Tribunal (NCLT) for a resolution and a resolution professional has already been appointed. On account of the said order, a moratorium has been imposed with regard to any action against the company in terms of Sec.13 r.w.s. 14 of the code. It was further submitted that the assessee is at advanced stage of insolvency resolution process and resolution petition is expected to be decided in next couple of months. The Ld. AR also submitted that in similar factual background, the other appeals concerning assessee has already been restored back to the file of Ld. CIT(A) to pass fresh orders after considering the orders of Hon’ble NCLT. The Ld. AR also drew attention to the fact that the assessee’s appeal has been filed with a delay of 98 days, which may be condoned since the powers of the Board of Directors stood suspended and were exercised by resolution professional. The Ld. CIT-DR could not controvert these facts.

Keeping in view the aforesaid submissions, the delay of 98 days in assessee’s appeal stand condoned. At the same time, captioned appeals as well as cross-objection stand restored back to the file of Ld. CIT(A) to pass fresh orders after considering the orders of Hon’ble NCLT as submitted by Ld. AR.