UNIWORLD SUGAR PVT. LTD.,NOIDA vs. ACIT CIRCLE-03, NOIDA

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ITA 1679/DEL/2019Status: DisposedITAT Delhi11 September 2023AY 2014-15Bench: the Hon’ble National Company Law Tribunal (NCLT). The said letter also states that the resolution plan framed is under the process of modification under the direction of Hon’ble National Company Law Appellate Tribunal (NCLAT). It was also mentioned in the said letter dated 19.10.2022 that as per section 14(1) of IBC Uniworld Sugars Pvt. Ltd. vs. ACIT Page 3 of 44 pages

In favour of the Revenue: the assessee's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the appeal was not maintainable due to the moratorium under the IBC, as no proceedings could continue against the corporate debtor. The appeal was dismissed without prejudice to the Interim Resolution Professional (IRP) filing a Miscellaneous Application later.

What were the facts?

The assessee company, Uniworld Sugars Pvt. Ltd., appealed against additions made by the Assessing Officer and confirmed by the CIT(A). The assessee's representative filed a letter stating the company was under the Insolvency and Bankruptcy Code (IBC) proceedings, with a moratorium in effect.

What were the issues?

Whether an appeal filed by a corporate debtor undergoing insolvency proceedings is maintainable. The impact of the moratorium under the IBC on ongoing legal proceedings.

Which sections of the Income-tax Act were involved?

Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, DELHI BENCH ‘G’: NEW DELHI

For Respondent: Mr. H.K. Choudhary, CIT-DR
Hearing: 04/09/2023Pronounced: 11/09/2023

per Section 14 of the Insolvency and Bankruptcy Code, 2016, no proceedings shall remain pending with any Court or Tribunal, once the Insolvency Resolution Proceedings had been initiated on a Corporate Debtor. It is not in dispute that the assessee company is a Corporate Debtor. The Interim Resolution Professional (IRP) has been appointed in the instant case and the IRP has not impleaded himself before this Tribunal by filing form No.36. Hence, the present appeal in the present format is not maintainable and hence, liable to be dismissed.

4.

In view of the above, we deem it fit and appropriate to dismiss this appeal of the assessee as not maintainable with a liberty given to IRP to prefer Miscellaneous Application, if so desired, after the completion of Insolvency Resolution Process, in which event, this appeal shall be restored.

1.

Uniworld Sugars Pvt. Ltd. vs. ACIT 5. In the result, appeal of the assessee is dismissed as not maintainable.

Order pronounced in the open court on 11th September, 2023.

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