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TMI Blog2023 (2) TMI 404X X X X Extracts X X X X X X X X Extracts X X X X ..... Kumar, AR For the Revenue : Shri P.V.Subba Raju, DR ORDER PER K. NARASIMHA CHARY, JM: Aggrieved by the order dated 12/01/2017 passed by the learned Commissioner of Income Tax (Appeals)-9, Hyderabad ("Ld. CIT(A)"), in the case of M/s. Galada Power & Telecommunication Ltd., ("the assessee"), assessee preferred this appeal. 2. At the outset it is represented by the Learned AR that the Corpor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... decision of the Hon'ble Apex Court in the case of Ghanashyam Mishra And Sons vs Edelweiss Asset Reconstruction (2021) 126 taxmann.com 132 (SC). Under section 13 of the Code, the adjudicating authority after admission of the application under section 7 or 9 or 10 of the Code shall declare a moratorium which shall include the prohibition of the institution of suits or continuation of pending sui ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n plan; (ii) 2019 amendment to Section 31 of the I&B Code is clarificatory and declaratory in nature and therefore will be effective from the date on which I&B Code has come into effect; and (iii) Consequently all the dues including the statutory dues owed to the Central Government, any State Government or any local authority, if not part of the resolution plan, shall stand extinguished and no pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vernment, any State Government or any local authority, guarantors and other stakeholders. 5. At any rate, for the time being, this appeal cannot be proceeded with during the continuance of the proceedings under the Code. Parties have to work out their remedies before the Adjudicating Authority under the Code. However, depending upon the result of such proceedings before the adjudicating authority ..... X X X X Extracts X X X X X X X X Extracts X X X X
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