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TMI Blog2022 (7) TMI 1343X X X X Extracts X X X X X X X X Extracts X X X X ..... riod expires or as approved by the adjudicating authority. As in view the decision in the case of Mahavir Roads Infrastructure Pvt.Ltd [ 2022 (6) TMI 1294 - ITAT MUMBAI] this appeal filed by the assessee is treated as dismissed in limine. Liberty, however, is given to the parties to revive/restitute this appeal after the moratorium period expires or as approved by the adjudicating authority. Appeal filed by the assessee is dismissed. - ITA No.2960/Ahd/2017 - - - Dated:- 28-7-2022 - SHRI PRAMOD M. JAGTAP, VICE PRESIDENT AND SHRI SIDDHARTHA NAUTIYAL, JUDICIAL MEMBER Assessee by : Ms. Arti N. Shah, AR Revenue by : Shri James Kurian, CIT-DR O R D E R PER PRAMOD M. JAGTAP, VICE-PRESIDENT This appeal filed by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d. The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the corporate debtor. 3. The order of moratorium shall have effect from the date of this order till the completion of the Corporate Insolvency Resolution Process or until this Adjudicating Authority approves the Resolution Plan under subsection (1) of the Section 31 or passes an order for liquidation of Corporate Debtor Company under Section 33 of the Insolvency Bankruptcy Code, 2016, as the case may be. 4. We hereby appoint Mr. Rajendra Jain, having registration no. IBBI/IPA- 002/IP-N00732/2018-2019/12353, email: iprajendragja ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions of the Corporate Debtor Company as a going concern as a part of obligation imposed by Section 20 of the Insolvency Bankruptcy Code, 2016. The Operational Creditor is directed to pay an advance of Rs.50,000/- (Rupees Fifty Thousand Only) to the IRP within two weeks from the date of this order for the purpose of smooth conduct of Corporate Insolvency Resolution Process ( CIRP ) and IRP to file proof of receipt of such amount to this Adjudicating Authority along with First Progress Report. Subsequently, IRP may raise further demands for Interim funds, which shall be provided as per Rules. 9. The Registry is directed to communicate a copy of this order to the Operational Creditor, Corporate Debtor and to the Interim Resolution Profes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in pursuance of petition filed u/s 7 of IBC for initiating insolvency process against the corporate debtor, i.e., the assessee company and there is moratorium imposed u/s 14 of IBC, then all the proceedings stands in abeyance. The relevant portion of the order reads as under:- a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c) any action to foreclose, recover or enforce any security interest created by the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the above, no proceedings can be initiated against the corporate debtor, that is, assessee company including the present proceedings before this tribunal, or the income tax proceedings and recovery of demand or giving effect of any order. It is well settled now that, IBC has overriding affect on all the acts including Income Tax Act which has been specifically provided u/s 178(6) of the I.T. Act as amended w.e.f. 01.11.2016. 6. Accordingly, the appeal filed by the assessee in the present circumstances, cannot be proceeded with, as revenue has also not sought any permission by the committee of creditors. Till the completion of moratorium period or upon the revival of corporate debtor as per the resolution plan approved by the adjudicating ..... X X X X Extracts X X X X X X X X Extracts X X X X
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