Appeal by revenue against a company undergoing liquidation under NCLT. Following its earlier order in a companion case, the court held liquidation was complete and Section 179 could not apply as the assessee was a public limited company, and closed the appeal.
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PCIT (CENTRAL)-3 ..... Appellant Through: Mr. Shailendra Singh, SSC with Ms. Anuja Pethia & Ms. Dacchita Shahi, JSCs.
versus
M/S ADVANCE SURFACTANTS INDIA LTD ..... Respondent
Through: None CORAM: HON'BLE MR. JUSTICE YASHWANT VARMA HON'BLE MR. JUSTICE PURUSHAINDRA KUMAR KAURAV
O R D E R % 12.01.2024
“1. On the previous date, i.e., 09.11.2023, Mr Aditya Goel, Advocate, had entered appearance on behalf of the Liquidator appointed by the National Company Law Tribunal (NCLT) qua the respondent/assessee.
1.1 Mr Goel informed us that the assets of the respondent/assessee have already been sold. It is in this context that we had asked Mr Goel to file an affidavit so that the submission that was made across the bar is backed by an affidavit.
“2. That the Corporate Insolvency Resolution Process (hereinafter referred as "CIRP" ) in respect of the Defendant Company commenced vide order dated 28.05.2019 passed by Hon’ble National Company Law
This is a digitally signed order.
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Tribunal, Principal Bench, Delhi (hereinafter referred as "Hon’ble NCLT"). That vide the same order, Mr. Kishan Gopal Somani was appointed as the Interim Resolution Professional (hereinafter referred as "IRP") for the Defendant Company. 3. Since no resolution plan was received. on the recommendation of Committee of Creditors (hereinafter refer red as "CoC"), the Hon'ble NCLT vide order dated 14.0 1.2020 ordered for liquidation of Defendant Company and appointed Mr. Kishan Gopal Somani (erstwhile IRP of the Defendant Company) as the liquidator (hereinafter referred as "Liquidator"). Copy of the Liquidation Order dated 14.01 .2020 passed by Hon'ble NCLT is annexed herewith and marked as ANNEXURE R-1 .
4. It is submitted that all the assets of the Defendant Company have been sold and the monies received have been distributed amongst the various stakeholders. That the liquidation bank account of the Defendant Company has been closed after distributing the monies to various stakeholders. Copy of bank account closure details is annexed herewith and marked as ANNEXURE R-2.
5. That the Liquidator has already moved an application for Dissolution of the Defendant Company U/s 54 of the mc Code, 2016 which is pending adjudication before Hon'ble 14.03.2024.”
4.1 Thus, the liquidation proceedings stand completed.
This is a digitally signed order. The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 16/05/2024 at 12:19:00
a public limited company. Therefore, on a plain reading of the provisions of Section 179 of the Act, the said section can have no applicability in this case.
YASHWANT VARMA, J.
PURUSHAINDRA KUMAR KAURAV, J. JANUARY 12, 2024/kk
This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 16/05/2024 at 12:19:00
1 issue framed by the court
Whether an appeal against a liquidated assessee whose assets have been sold and monies distributed serves any purpose.
2 provisions across 2 enactments
PCIT (Central)-3
M/S Advance Surfactants India Ltd
Yashwant Varma
Purushaindra Kumar Kaurav
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
