Avanti Resources Private Limited Vs, Ahalya Trading Private Limited - Accordingly, we consider it appropriate to allow the Applicant/Liquidator to institute and pursue suitable legal proceedings in relation to Assessment Order and Demand Notice u/s 156 of the Income Tax Act, 1961 both dated 10 March, 2025.

 NCLT Mumbai (2025.06,25) in Avanti Resources Private Limited Vs, Ahalya Trading Private Limited [IA(I.B.C)/2834( MB)2025 IA(I.B.C)/2861( MB)2025 (NEW IA) IN C.P. (IB)/1894(MB)2019] held that; 

• Having considered the submissions made by the learned Counsel appearing for the Liquidator and after perusal of the records we allow the extension for a period of 6 months from 14.06.2025 onwards is allowed. Liquidator is directed to completed the process within the extended time.

• Accordingly, we consider it appropriate to allow the Applicant/Liquidator to institute and pursue suitable legal proceedings in relation to Assessment Order and Demand Notice u/s 156 of the Income Tax Act, 1961 both dated 10 March, 2025.

Excerpts of the Order;

# 1. Learned Counsel, Avinash R Khanolkar a/w Surekha Yadav and Khushbu Bhanushali appeared for the Liquidator/Applicant.

# 2. This Application has been filed by the Liquidator under Regulation 44(2) of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 seeking extension in period of Liquidation Process of M/s. Ahalya Trading Private Limited by further 6 months w.e.f. 14.06.2025.

# 3. Learned Counsel appearing for the Applicant informs that the period of Liquidation expired on 14.06.2025. He further informs that nothing remains in the Corporate Debtor, however, one assessment order has been passed by the Income Tax Department during the Liquidation period and they intend to challenge the same before Commissioner Appeals, therefore, the said extension is required.

# 4. Having considered the submissions made by the learned Counsel appearing for the Liquidator and after perusal of the records we allow the extension for a period of 6 months from 14.06.2025 onwards is allowed. Liquidator is directed to completed the process within the extended time.

# 5. Accordingly, IA(I.B.C)/2834( MB)2025 is allowed and disposed of.

IA(I.B.C)/2861( MB)2025 (NEW IA)

# 1. Learned Counsel, Avinash R Khanolkar a/w Surekha Yadav and Khushbu Bhanushali appeared for the Liquidator/Applicant.

# 2. This Application has been filed by the Liquidator under 33 (5) of the Insolvency and Bankruptcy Code,2016 seeking following prayers;

1. Admit & Allow the Application;

2. Permit the Applicant viz. CS Shilpa K Dixit, Liquidator for M/s. Ahalya Trading Private Limited to institute appropriate proceedings against the Department of Income Tax for challenging the Assessment Order dated 10 March, 2025 passed against M/s. Ahalya Trading Private Limited;

3. Pass any other order in the interest of justice, equity and good conscience as the Hon’ble Tribunal may think fit.

# 3. The present application is being filed by CS Shilpa Dixit, the Liquidator of M/s. Ahalya Trading Private Limited (Corporate Debtor) seeking permission of this Hon’ble Bench to initiate appropriate Legal Proceeding on behalf of the Corporate Debtor against an Assessment Order and Demand Notice u/s 156 of the Income Tax Act, 1961 both dated 10 March, 2025 passed against the Corporate Debtor by the Income Tax Department.

# 4. Applicant submitted that Liquation Process against the Corporate Debtor has been commenced by this Bench vide an Order dated 14.06.2024 passed in IA (IBC) (Liq.) 38 / 2024. that, in prevailing provisions of the S. 33 (5) of the Code; the Department of Income Tax ought to have taken prior permission of this Tribunal before passing the Assessment 

Order.

# 5. 1t is submitted that the provisions of Section 35 (1) (k) of the Code empowers the Applicant to institute or defend any suit/ proceedings on behalf of the Corporate Debtor subject to the permission granted by this Hon’ble Bench u/s. 33(5) of the Code.

# 6. Section 33(5) of the Code, read as under:

• (5) Subject to section 52, when a liquidation order has been passed, no suit or other legal proceeding shall be instituted by or against the corporate debtor:

• Provided that a suit or other legal proceeding may be instituted by the liquidator, on behalf of the corporate debtor, with the prior approval of the Adjudicating Authority,

# 7. It is noted that the assessment order has been passed on 10.03.2025 after commencement of liquidation proceedings creating a demand against the Corporate Debtor and an appropriate legal action is required to deal with such demand raised by the Income Tax Department. Accordingly, we consider it appropriate to allow the Applicant/Liquidator to institute and pursue suitable legal proceedings in relation to Assessment Order and Demand Notice u/s 156 of the Income Tax Act, 1961 both dated 10 March, 2025.

# 8. Accordingly, IA(I.B.C)/2861( MB)2025 is allowed in terms of aforesaid directions.

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