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TMI Blog2021 (8) TMI 1418X X X X Extracts X X X X X X X X Extracts X X X X ..... ditors and other creditors of the assessee becomes nil - HELD THAT:- It is clear that in terms of the resolution plan as approved by the NCLT, all claims or demands or liabilities or obligations owed or payable to or assessed by or assessable by the Central Government/State Government in relation to any period prior to the acquisition, will be written off in full and will be deemed to be permanent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Appeal No. 96/16-17 passed by the Commissioner of Income Tax (Appeals)-6, New Delhi ( ld. CIT(A) ) in the case of Monnet Ispat Energy Ltd. ( the assessee ) for the assessment year 2013-14, the Revenue preferred this appeal aggrieved by the deletion made by the ld. CIT(A). 2. At the outset, it is submitted on behalf of the assessee that the assessee defaulted in repayment of outstanding secured l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ended to Schedule-B as on the commencement of insolvency proceedings, the matter is pending before the Hon ble High Court and other adjudication authorities. 5. We have gone through the record in the light of submissions made on either side. Dues to the Income-tax Department are reflected in list B appended to the order dated 24.07.2018 passed by the NCLT. By such order, NCLT observed that there i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clear in view of the decision of Hon ble Supreme Court in the case of Ghanashyam Mishara and Sons vs. Edleweiss 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 f ..... X X X X Extracts X X X X X X X X Extracts X X X X
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