• Financial & Insolvency Law

    Supreme Court Re-Iterates Position: I&B Code, 2016 Prevails Over the Income Tax Act, 1961

    The Hon’ble Supreme Court of India by its Order dated 10thAugust, 2018 in the case of Pr. Commissioner of Income Tax Vs. Monnet Ispat and Energy Ltd., has held that the provisions of moratorium stipulated under Section 14 of the Insolvency and Bankruptcy Code, 2016 (“ Code”)  would override anything inconsistent contained in any other enactment, including the Income Tax Act, 1961thereby upholding the Judgment of the Hon’ble High Court of Delhi to the same effect in 2017 which had been challenged before the Hon’ble Apex Court.  Moratorium Order Explained Under the Code, an order for moratorium is a legal authorization for the Corporate Debtor to postpone the determination of claims and their recovery that…