M/S SEL MANUFACTURING CO. LTD.,LUDHIANA vs. DCIT, CC-3, LUDHIANA
In the result, appeal is allowed
ITA 362/CHANDI/2023[2011-12]Status: DisposedITAT Chandigarh27 May 2024AY 2011-12
Bench: SHRI A.D.JAIN (Vice President), SHRI KRINWANT SAHAY (Accountant Member)
For Appellant: Shri Ashwani Kumar, CAFor Respondent: Smt. Kusum Bansal, CIT DR
Section 148Section 250(6)Section 5(20)Section 5(21)Section 69CSection 7
Debt as
defined under Section 5(21) of the IBC and the Department will
be treated as an Operational Creditor as defined under Section
5(20) of the IBC. It was stated that accordingly, the Income-tax
Department, being an Operational Creditor, is liable to be
treated in the same ... infuse requisite funds, to the
extent of the equity investment and debt infusion proposed in
the Resolution Plan, into the assessee company.
8. Section 5(20) of the IBC defines ‘Operational Creditor’
20) "operational creditor" means a person to whom an operational debt is owed and includes any person
