Tribunal extinguishes pre-approval demands, allows bank account access. Applicant to implement Plan promptly.

The Tribunal ordered the extinguishment of demands by the Pollution Control Board prior to the effective date of the Resolution Plan approval. The company was permitted to operate its bank account without hindrance. The Resolution Applicant was instructed to implement the Plan promptly, report on statutory dues compliance, and the Monitoring Committee to provide a status report on the Plan's implementation. The application was disposed of with these directives.

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Issues Involved:
1. Extinguishment of demand by the Pollution Control Board.
2. Non-filing of claims by the Respondents during the CIRP.
3. Approval and implementation of the Resolution Plan.
4. Compliance with statutory dues post-approval of the Resolution Plan.

Issue-wise Detailed Analysis:

1. Extinguishment of Demand by the Pollution Control Board:
The applicant, Assam Company India Ltd., sought relief under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, against the Pollution Control Board, Assam, and others, requesting the extinguishment of a demand amounting to Rs. 33,24,164/-. The Tribunal noted that the approved Resolution Plan explicitly stated that any claims or demands prior to the effective date (20.09.2018) would be extinguished. Despite this, the Pollution Control Board issued demand notices for various amounts relating to periods before and after the effective date. The Tribunal concluded that the demands prior to the approval date are extinguished as per the Resolution Plan.

2. Non-filing of Claims by the Respondents During the CIRP:
During the Corporate Insolvency Resolution Process (CIRP), the Respondents failed to file their claims with the Interim Resolution Professional (IRP) or the Resolution Professional (RP). The Tribunal highlighted that the Supreme Court in the case of "Committee of Creditors of Essar Steel India Ltd. Vs. Satish Kumar Gupta & Ors." held that all claims must be submitted and decided by the Resolution Professional to ensure clarity for the successful Resolution Applicant. The Respondents' failure to file claims during the CIRP period resulted in their claims being extinguished.

3. Approval and Implementation of the Resolution Plan:
The Resolution Plan submitted by BRS Ventures Investment Ltd. was approved by the Tribunal on 20.09.2018. The Plan included a clause that all claims and demands prior to the effective date would be extinguished. The Tribunal reiterated that the Respondents' claims were not filed before the approval of the Resolution Plan and thus, should not be entertained. The Tribunal also directed the Resolution Applicant to strictly implement the Resolution Plan without any violations.

4. Compliance with Statutory Dues Post-approval of the Resolution Plan:
The Tribunal directed the applicant to file a compliance report detailing the payment of statutory dues such as EPF, Income Tax, GST, etc., from the date of the approval of the Resolution Plan. The Monitoring and Supervising Committee was also instructed to submit a status report on the implementation of the Resolution Plan within 21 days.

Conclusion:
The Tribunal ordered the extinguishment of the Respondents' demands prior to the effective date of the Resolution Plan approval. The company was allowed to operate its bank account without obstructions from the Respondents. The Resolution Applicant was directed to implement the Resolution Plan in a timely manner and file a compliance report on statutory dues. The Monitoring and Supervising Committee was tasked with submitting a status report on the Resolution Plan's implementation. The application was disposed of with these observations and directions.

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