Held, that having regard to the fact that the Revenue had not lodged its claim, despite the publication of the public announcement by the resolution professional inviting claims from creditors, including statutory and operational creditors such as the Revenue, no provision could be made (even if it may otherwise have been possible) in the approved resolution plan. The terms contained in the approved resolution plan were binding on all stakeholders, including those who could have filed claims but chose not to lodge them. The Revenue, having failed to lodge its claim, could not enforce the orders and notices, given the binding nature of the approved resolution plan. The orders and notices were not valid. (AY. 2017 -18)<\/p>\n
\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 143(3): Assessment – Insolvency of Assessee \u2014 Claims to Interim Resolution Professional include claims not yet adjudicated \u2014 Insolvency petition during pendency of assessment proceedings \u2014 Revenue aware of petition and its approval \u2014 No claim before Interim Resolution Professional \u2014 Order of assessment and demand is not valid . [Insolvency and Bankruptcy Code, 2016 , S. 31 , The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, Art. 226 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-47388","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-ckk","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47388","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=47388"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47388\/revisions"}],"predecessor-version":[{"id":47389,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/47388\/revisions\/47389"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=47388"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=47388"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=47388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}