No suit or proceedings can be continued against corporate debtor till conclusion of IBC proceedings: ITAT
As per Income Tax Appellant Tribunal (ITAT), the provisions of Sec. 14 of IBC-2016 till the conclusion of proceedings under IBC-2016 no suit or proceedings can be continued against the corporate debtor.
Considering this fact ITAT opinioned that there is no point in proceeding with the appeals filed by the assessee and the revenue and also keeping the appeals pending is also a continuation of proceedings.
ITAT considered the provisions of section 4 of IBC-2016 Laws and the facts of filling of petition before the NCLT Mumbai by the Creditors.
Accordingly, the appeals filed by the assessee and the revenue were dismissed.