Rkg Fund I vs Mr. Anurag Goel Resolution ...

IN THE MATTER OF: RKG Fund I, A Scheme of RKG Trust ...Appellant

Versus

Anurag Goel Resolution Professional of Amzen Machines Pvt. Ltd. ...Respondent

Present: For Appellant : Mr. Sumesh Dhawan, Mr. Vatsala kak & Mr. Shaurya Shyam, Advocates.

For Respondents : Mr. Rishi Singhal along with Mr. Anurag Goel, for RP/ R-1.

ORDER

01.06.2023 Heard Counsel for the Appellant as well as Counsel for the

Respondents.

2. This appeal has been filed praying for only limited relief to the effect

that observations in Paragraph 9.1 in the last line need to be deleted. It is

submitted that in Para 9.1 the Adjudicating Authority was considering that

claims of the benefit of carry forward and set off of the losses in the Resolution

Plan.

3. Notices were issued to Income Tax Department and thereafter in Para-

9.1 following observations have been made :-

"...Even after approval of the Resolution Plan, the Income Tax Department (the Principal Commissioner / Commissioner of Income Tax) is entitled to initiate any proceedings and to recover the outstanding demands under the Income Tax Act, 1961 or any other law."

4. Counsel for the Appellant submit that there was no such prayer as has

been recorded in above paragraph.

5. Counsel for the Resolution Professional also submits that by some

inadvertent error this observation has come.

6. We have considered the submissions of the Counsel for the Parties and

perused the record, with regard to benefit of carry forward and set off of the

losses the Income Tax Authority has to act as per Section 79 of the Income

Tax Act, 1961. The Observation as extracted above, where irrelevant with

regard to claim of benefit of carry forward and set off of the losses.

7. We are thus of the view that the above observations as need to be

deleted from paragraph 9.1. The Appeal is disposed off accordingly.

[Justice Ashok Bhushan] Chairperson

[Naresh Salecha] Member (Technical) Sim/nn

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