9911796707
TMI Blog2025 (2) TMI 497X X X X Extracts X X X X X X X X Extracts X X X X ..... the Petitioners : Mr. Sidharth Ray, Sr. Advocate. For the Opposite Parties : Mr. Avinash Kedia, Advocate (Junior Standing Counsel). JUDGMENT ARINDAM SINHA, ACJ. 1. The writ petition was moved on 16th July, 2024, when revenue obtained direction for filing counter. Submissions made by Mr. Ray, learned senior advocate appearing on behalf of petitioners, as recorded in paragraph-1 of order ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... concerned, the opposite parties humbly submitted that the contention made by the petitioner is not sustainable. That the publication was applicable only for corporate and individual agencies and not for Govt. and since IT Dept. was not aware of the same. It skipped the attention of the authority. ... ..." (emphasis supplied) 3. He relies on judgment of the Supreme Court in Ghanashyam Mishra a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... art of the resolution plan." He submits, the declaration of law is reiteration of provision in section 31 (1) in Insolvency and Bankruptcy Code, 2016. 4. Mr. Kedia, learned advocate, Junior Standing Counsel appears on behalf of revenue and draws attention to paragraph-3.2, page-110 in the writ petition. In the stated table of statutory/other legal liabilities there is provision for 'income tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esolution process. The process received approval on 7th November, 2017 by the National Company Law Tribunal (NCLT). The Supreme Court in Ghanashyam Mishra (supra) reiterated operation of section 31(1). 7. It appears from the appeal effect order, relevant assessment year was 2010-11, in respect of which there was refund of Rs. 6,00,71,354/-. This amount, revenue has adjusted. Old income tax dues, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -11. Refund in respect of that assessment year cannot be due to petitioners, who stepped into shoes of management of the corporate debtors on and from 7th November, 2017 and proceeded to revive it per the approved resolution plan. Petitioners having assailed the adjustment made by filing the writ petition, cannot still rely on alleged omission to notice them on the adjustment. 9. The writ petitio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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