9911796707
TMI Blog2024 (10) TMI 1150X X X X Extracts X X X X X X X X Extracts X X X X ..... execution of any judgment, decree, or order in any Court of law, Tribunal, Arbitration Panel or other authority is to be prohibited. Admittedly, a registered Insolvency Professional is appointed by Hon ble NCLT and the assessee no longer could be represented by the representative to whom the authority was provided. Even otherwise, none appeared on behalf of the assessee before us today. At this juncture, we refer to the decision of in the case of Ghanshyam Mishra and Sons Pvt. Ltd [ 2021 (4) TMI 613 - SUPREME COURT ] wherein has considered a situation wherein, the resolution plan was approved by the adjudicating authority u/s 31(1) of the IBC Code. Hon ble Supreme Court observed that, once the resolution plan was drawn, the claim as provid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er authority; b) transferring, encumbering, alienating, or disposing of by the CD 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 CD in respect of its property including any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, and; d) the recovery of any property by an owner or lessor where such property is occupied by or in possession of the CD. II. That the supply of essential goods or services to the CD, if continuing, shall not be terminated or suspended or interrupted during the moratorium period. III. That the order of moratorium shall have effect from the date of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hapter VII of Part II of the IBC, Coercive steps will follow against them under the provisions of the IBC read with Rule 11 of the NCLT Rules for any violation of law. VIII. That the IRP/IP shall submit to this Tribunal periodical reports with regard to the progress of the CIRP in respect of the CD. IX. In exercise of the powers under Rule 11 of the NCLT Rules, 2016, the FC is directed to deposit a sum of Rs. 5,00,000/- (Five Lakh Rupees) with the IRP to meet the initial CIRP cost arising out of issuing public notice and inviting claims, etc. The amount so deposited shall be interim finance and paid back to the FC on priority upon the funds becoming available with IRP/RP from the Committee of Creditors (CoC). The expenses incurred by IRP ou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e revised accordingly.] 4. The Ld. DR thus submitted that the appeal cannot be decided on this juncture on merits and the Assessing Officer has to take necessary steps to include itself as secured creditor before the Hon ble NCLT against the tax liability arising in the present case. 5.1 We have perused the submissions advanced by both sides in the light of relevant provision under the Act as well as IBC Code. Section 14 of IBC Code is very clear on the aspect that once moratorium is drawn and the insolvency commencement date is declared any institution of suits or definition of pending suits or proceedings against the creditor, debtor (in the present facts of the case of assessee before us) including the execution of any judgment, decree, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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