Giving its ruling in the Ultratech Nathdwara Cement Ltd case, the Ahmedabad bench of Customs, Excise Service Tax Appellate Tribunal (CESTAT) observed that the revenue department has no proper guideline as to what stand is to be taken in a case where the proceedings under the Insolvency and Bankruptcy Code (IBC) is in progress before NCLT/NCLAT or at higher forum.
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