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S. TALAPATRA, SAVITRI RATHO
Urvara Agro Biotech Pvt. Ltd – Appellant
Versus
Dy. Commissioner of Income Tax, Bhubaneswar – Respondent
JUDGMENT
1. Learned counsel for the Petitioners points out that in Union of India v. M/s. Ganpati Dealcom Pvt. Ltd., AIR 2022 SC 4558, it has been held that against a Company under a resolution process in terms of the Insolvency and Bankruptcy Code the concerned authorities cannot initiate or continue criminal prosecution or confiscation proceedings for transactions entered into prior to the coming into force of the Benami Transactions (Prohibition) Amendment Act, 2016 i.e. 25th October, 2016.
2. Learned Senior Standing Counsel for the Revenue Department informs the Court that a review petition (Diary No.34619 of 2022) seeking review of the above judgment has been filed in the Supreme Court of India on 31st October, 2022 and, therefore, prays for an adjournment.
3. At his request, list on 13th April, 2023. The interim order passed in all the above cases shall continue till then.
Authorities cannot initiate criminal prosecution or confiscation proceedings against a company under the Insolvency and Bankruptcy Code for transactions entered into prior to the coming into force of....
The Benami Transactions (Prohibition) Amendment Act, 2016 prescribes substantive provisions and has a prospective effect, and concerned authorities cannot initiate or continue criminal prosecution or....
The court established that the Prohibition of Benami Property Transactions Act, 1988, Section 53 applies prospectively, and actions based on pre-amendment transactions are invalid, reaffirming consti....
The court upheld the Appellate Tribunal's decision allowing legal remedies pending Supreme Court review, emphasizing the importance of the Amendment Act's prospective application and leaving merits f....
The court emphasized that liberty granted to file a review petition must be recognized, pending the Supreme Court's ruling on a prior case affecting the application of the Amendment Act, 2016.
The court held that the appellant's appeal could not be assessed on merits pending the Supreme Court's decision and prior liberty granted to file for review remained valid.
The approval of a resolution plan under Section 32A of the IBC extinguishes the criminal liability of the corporate debtor, but does not absolve individuals responsible for the company's conduct from....
The special provisions of the Central Goods and Services Tax Act, 2017 prevail over the provisions of the Code of Criminal Procedure, allowing for simultaneous adjudication and prosecution. The court....
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