McNally Bharat Engineering Co. Ltd. filed a writ petition under Article 226 of the Constitution of India, challenging reassessment proceedings initiated by the respondent authorities (Union of India & Ors.). The petitioner argued that these proceedings were arbitrary, high-handed, and unlawful, particularly in light of the Corporate Insolvency Resolution Process (CIRP) initiated against them and the subsequent approval of a resolution plan by the NCLT. The petitioner contended that the reassessment proceedings violated the moratorium imposed under Section 14 of the Insolvency and Bankruptcy Code (IBC) and disregarded the binding nature of the NCLT's order and the approved resolution plan.
McNally Bharat Engineering Co. Ltd. (the petitioner) is a company incorporated under the Companies Act, 1956. For the assessment year 2016-17, the petitioner filed its return of income on November 29, 2016, declaring a loss of ₹2,09,79,33,681/-. This return was processed under Section 143(1) of the Act on March 27, 2018, leading to a refund of ₹24,75,45,997/-. Subsequently, Bank of India initiated proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) before the National Company Law Tribunal (NCLT), Kolkata Bench, for Corporate Insolvency Resolution Process (CIRP) against the petitioner. The NCLT admitted the petition on April 29, 2022, and ratified the appointment of a Resolution Professional. On December 19, 2023, the NCLT approved a resolution
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The petitioner filed its return of income for…
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McNally Bharat Engineering Co. Ltd. filed a writ petition under Article 226 of the Constitution of India, challenging reassessment proceedings initiated by the respondent authorities (Union of India & Ors.). The petitioner argued that these proceedings were arbitrary, high-handed, and unlawful, particularly in light of the Corporate Insolvency Resolution Process (CIRP) initiated against them and the subsequent approval of a resolution plan by the NCLT. The petitioner contended that the reassessment proceedings violated the moratorium imposed under Section 14 of the Insolvency and Bankruptcy Code (IBC) and disregarded the binding nature of the NCLT's order and the approved resolution plan.
McNally Bharat Engineering Co. Ltd. (the petitioner) is a company incorporated under the Companies Act, 1956. For the assessment year 2016-17, the petitioner filed its return of income on November 29, 2016, declaring a loss of ₹2,09,79,33,681/-. This return was processed under Section 143(1) of the Act on March 27, 2018, leading to a refund of ₹24,75,45,997/-. Subsequently, Bank of India initiated proceedings under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) before the National Company Law Tribunal (NCLT), Kolkata Bench, for Corporate Insolvency Resolution Process (CIRP) against the petitioner. The NCLT admitted the petition on April 29, 2022, and ratified the appointment of a Resolution Professional. On December 19, 2023, the NCLT approved a resolution
…The petitioner filed its return of income for…
The income tax return was processed under…