in C.P. (IB) No. 1262/KB/2019 An application under section 60(5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the National Company Law Tribunal Rules, 2016;

IN THE MATTER OF:

Ashok Kumar Jhunjhunwala … Operational Creditor Versus Jain Shoppers Private Limited … Corporate Debtor And IN THE MATTER OF:

Infinite Sharp Private Limited … Applicant Versus

1. Assessment Unit, Commissioner of Income Tax (Appeals) and Income Tax in C.P. (IB) No. 1262/KB/2019 Officer, Income Tax Department having his office at Room No. 5, 4th Floor, Aayakar Bhawan, P-7, Chowringhee Square, Kolkata-700069, West Bengal.

2. Sudipta Ghosh, Chairman of the Monitoring Committee for Jain Shoppers Private Limited.

…. Respondents Coram:

Shri Labh Singh : Member (Judicial)

Ms. Rekha Kantilal Shah : Member (Technical)

Appearances (via hybrid mode)-:

For the Applicant i. Mr. Saunak Mitra, Adv.

ii. Mr. Rahul Sharma, Adv.

For Respondent No. 2 i. Ms. Pallavi Ray, Adv.

Date of Pronouncement-: 12.02.2026 in C.P. (IB) No. 1262/KB/2019

ORDER

Per: Rekha Kantilal Shah, Member (Technical)

1. The Applicant is a company within the meaning of Companies Act, 2013 and having its registered office at the address as mentioned in the cause title hereinabove. The Applicant is the Successful Resolution Applicant and the Resolution Plan submitted by the Applicant has been approved by this Tribunal vide order dated July 10, 2023. The present application is filed by the SRA claiming following reliefs-:

a. The notice of demand being no. ITBA/AST/S/156/2023-

24/1052875311(1) along with the assessment order being no. ITBA/AST/S/147/2023-24/1052875213(1) dated 16.05.2023 imposing demand of Rs. 2,15,57,650/- be adjudged null and void and thereby quashed;

b. Removal of The notice of demand bearing no.

ITBA/PNL/S/156/2023-24/1058098817(1) dated 21.11.2023 along with the order of penalty no. bearing ITBA/PNL/F/271(1)(b)/2023-24/1058098693(1) imposing penalty of Rs. 20,000/- be adjudged null and void and and thereby quashed;

c. The Respondent no. 1 be directed to forthwith abide by Section 156A of the Income Tax Act, 1961 in respect of any in C.P. (IB) No. 1262/KB/2019 claims arising out of the period prior approval of Resolution Plan;

d. Order restraining the Respondent no.1 authority from making claims, from issuing Demand Notices, from conducting Assessment or proceedings or taking any other coercive action against the Corporate Debtor, Jain Shoppers Private Limited in respect of transactions arising out of the period prior to approval of Resolution Plan.

e. Ad-interim order in terms of prayers above.

f. Costs of this application;

g. Any other or further order(s) and/or direction(s) that this Tribunal may deem fit in the facts and circumstances of this case

2. Background of the case-:

2.1 The Applicant is a company registered under the appropriate provisions of Companies Act, 2013 having its registered office at 21/3, S. N. Chatterjee Road, Kolkata- 700 038, West Bengal.

2.2 By an order dated February 17, 2022, a Petition filed by one Ashok Kumar Jhunjhunwala under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the 'Code'), was allowed and Corporate Insolvency Resolution Process(hereinafter referred to as the CIRP), was initiated in C.P. (IB) No. 1262/KB/2019 against the Corporate Debtor and Mr. Kamal Prakash Singh was appointed as the Interim Resolution Professional ("IRP") of the Corporate Debtor.

2.3 The Applicant submitted its Resolution Plan on August 01, 2022.

The said Resolution Plan was opened before the Committee of Creditors (hereinafter referred to as 'CoC) in its Sixth meeting held on August 07, 2022. The Resolution Plan was discussed by the CoC in its Seventh meeting held on September 27, 2022 and the CoC requested the Applicant for certain revisions in the Resolution Plan. The Applicant herein submitted the revised Resolution Plan on October 28, 2022. The revised Resolution Plan¹ was discussed in the Eighth meeting of CoC held on November 01, 2022 and the