IBC resolution plan approved as a going-concern revival plan, while waiver of tax dues was declined for lack of jurisdiction.

A resolution plan approved by the Committee of Creditors with 100% voting share was found to meet the requirements of section 30 of the Insolvency and Bankruptcy Code, including provision for insolvency resolution process costs, treatment of operational creditors, implementation and supervision, and compliance certification. The Adjudicating Authority approved the plan under section 31 and directed it to operate as a going-concern revival plan binding the corporate debtor and all stakeholders. It also held that it had no jurisdiction to grant waiver of tax dues or similar reliefs sought in the plan, leaving such requests to be pursued before the concerned authorities.

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Issues: Whether the resolution plan approved by the Committee of Creditors satisfied the requirements for approval under the Insolvency and Bankruptcy Code, 2016, and whether the Adjudicating Authority could grant waivers of tax dues sought in the plan.

Analysis: The resolution professional placed the plan before the Tribunal after CoC approval with 100% voting share, and the plan was found to conform to the statutory requirements under section 30 of the Insolvency and Bankruptcy Code, 2016. The plan provided for payment of insolvency resolution process costs, treatment of operational creditors, implementation and supervision, and compliance certification was filed by the resolution professional. The Tribunal held that while the resolution plan could be approved under section 31, it had no power to grant waiver of tax dues or similar reliefs; such requests had to be pursued before the concerned authorities. The approved plan was directed to operate as a going-concern revival plan and was to bind the corporate debtor and all stakeholders.

Conclusion: The resolution plan was approved, and the request for waiver of tax dues was declined for want of jurisdiction.

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