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October 2024

Section148: Reassessment — Notice — against company that has been successfully resolved under a Corporate Insolvency Resolution Process (“CIRP”) under the Insolvency and Bankruptcy Code, 2016 (“IBC”)— effect of resolution of a corporate debtor is that the terms of resolution bind tax authorities and their enforcement actions.

By Ajay R. Singh, Advocate
Reading Time 7 mins

16 Uttam Galva Metallics Ltd. and Mr. SubodhKarmarkar vs. Asst. CIT

WP(L) No. 9421 OF 2022

A. Y.: 2016-17

Dated: 28th August, 2024 (Bom) (HC)

Section148: Reassessment — Notice — against company that has been successfully resolved under a Corporate Insolvency Resolution Process (“CIRP”) under the Insolvency and Bankruptcy Code, 2016 (“IBC”)— effect of resolution of a corporate debtor is that the terms of resolution bind tax authorities and their enforcement actions.

The Petitioner-Assessee was admitted into a CIRP by an order dated 11th July, 2018 passed by the National Company Law Tribunal, New Delhi (“NCLT”). Various processes under the IBC were undertaken. Eventually, the company came to be resolved pursuant to a resolution plan finalised by the Committee of Creditors, and approved by the NCLT under Section 31 of the IBC by an order dated 6th May, 2021. The resolution plan, as approved by the NCLT, entails a full wai

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