ITA No.2843/Del/2024
Case No: ITA No.2843/Del/2024
Court: Income Tax Appellate Tribunal, Delhi Benches
Date: 1/8/2025
Parties Involved
AppellantACIT (OSD), Range-10, New Delhi
RespondentGAIL Mangalore Petrochemicals Ltd.
Facts Summary
GAIL Mangalore Petrochemicals Ltd. (previously known as JBF Petrochemicals Limited) was set up in September 2008 to operate a PTA plant at Mangalore, Karnataka. The plant ceased operations after the company defaulted on a loan in 2017. On an application filed by IDBI Bank Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, the company was admitted into Corporate Insolvency Resolution Process by the National Company Law Tribunal. The Resolution Professional issued a Public Announcem…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the claims of the Tax Department were adequately addressed in the approved Resolution Plan.
Precedents Relied Upon
4 precedents cited in this judgement.