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TMI Blog2021 (8) TMI 1419X X X X Extracts X X X X X X X X Extracts X X X X ..... t stands permanently extinguished. - SHRI O.P. KANT, ACCOUNTANT MEMBER AND SHRI AMARJEET SINGH, JUDICIAL MEMBER For the Appellant : Sh. Gaurav Pundir, Sr.DR For the Respondent : Sh. V.K. Jain, CA Sh. Vikas Singh, CA ORDER PER O.P. KANT, AM: These three appeals filed by the Revenue are directed against respective orders dated 30/06/2017; 30/06/2017 and 14/07/2017 passed by the learned Commissioner of Income-tax (Appeals)-2, New Delhi [in short the Ld. CIT(A) ] for assessment years 2005-06, 2006-07 and 2007-08 respectively. Being identical issues involved in all these appeals, these appeals were heard together and disposed off by way of this consolidated order for the sake of convenience. 2. At the outset, the learned counsel of the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... admitted secured financial creditors is Rs.9772 crores and the admitted claims of the unsecured financial creditors is Rs.1243 crores, put together Rs.1,14,78,09,50,325/-, and by this difference, the liquidation value of the assets of the assessee is not even sufficient to satisfy the admitted claim of the secured financial creditors in full and, therefore, the liquidation value due to the unsecured financial creditors, operational creditors and other creditors of the assessee as per waterfall mechanism mentioned under section 53 of the Code is nil. It was further observed that in respect of the treatment of other creditors, this approved resolution plan discloses that all other liabilities and obligations of the assessee are being extingu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Assets Reconstruction Company Ltd, (Civil appeal No.8129/2019 - Order dated 13/04/2021). 6. In these circumstances, we are of the considered opinion that the dues to the Income-tax Department for the assessment year 2013-14, which are reflected in the list-B appended to NCLT order stood fully extinguished and no useful purpose would be served by adjudicating this matter. With this view of the matter, we dismiss the appeal of the Revenue. 4.2 Respectfully, following the findings of the Tribunal (supra), the instant appeals of the Revenue are dismissed as no useful purpose would be served by adjudicating the matter involved in appeals as dues of the Income Tax Department stands permanently extinguished. 5. In the result, all the three appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X
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