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TMI Blog2024 (1) TMI 352X X X X Extracts X X X X X X X X Extracts X X X X ..... granted moratorium against the institution of proceedings against the corporate debtor by issuing direction as a consequence of the application being admitted, moratorium as envisaged under the provisions of Section 14(1), shall follow in relation to the corporate debtor, prohibiting as per proviso (a) to (d) of the Code However, during the pendency of the moratorium period, terms of Section 14(2) to 14(4) of the Code shall come in force. Pursuant to the aforementioned directions of the NCLT, we dismiss the appeal of the Revenue without going into the merits of the case. Revenue shall be free to institute the appeal after the completion of the CIRP proceedings, if so advised, as per the relevant provisions of the Act, for which the L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .Y. 2010-11 for the first time and not earlier. 4. That under the facts and circumstances of the case the Ld. CIT(A) failed to appreciate that the other expenses and depreciation have been claimed for the first time in the A.Y. 2010-11 only to get setoff of losses so generated against the income from lease accruing from the subsequent Assessment Year(s) and the whole exercise is a colourable device to evade taxes. 3. Briefly stated, the assessee is engaged, interalia in the business of renting and maintenance of immovable properties. The assessee filed its return of income for AY 2010-11 on 08.10.2010 which was subsequently revised on 21.01.2011, declaring loss of Rs. 4,65,09,758/-. The Ld. Assessing Officer ( AO ) accepted the re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed as the Interim Resolution Professional ( IRP ) and public announcement has been made in Financial Express (English) and Jansatta (Hindi) Newspaper on 23.11.2022 regarding the admission of the corporate debtor to the CIRP. It was therefore prayed that the matter may be adjourned sine-die pending the completion of the CIRP proceedings. 7. On perusal of records, we find that the NCLT vide its order dated 21.11.2022 in Company Petition No. IB-522/ND/2022 in the matter of M/s. Rapid Buildwell Ltd. has granted moratorium against the institution of proceedings against the corporate debtor by issuing direction at para 14 of its order as under:- 14. As a consequence of the application being admitted, moratorium as envisaged under the prov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icence, permit, registration, quota, concession, clearance or a similar grant or right given by the Central Government, State Government, local authority. sectoral regulator or any other authority constituted under any other law for the time being in force, shall not be suspended or terminated on the grounds of insolvency, subject to the condition that there is no default in payment of current dues arising for the use or continuation of the license or a similar grant or right during moratorium period; (2) The supply of essential goods or services to the corporate debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. (2A) Where the interim resolution professional or resolution prof ..... X X X X Extracts X X X X X X X X Extracts X X X X
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