Special Leave Petition dismissed for 308-day delay and on merits; NCLT-approved resolution plan binds all, sets aside reassessment under s.143(3) SC dismissed the Special Leave Petition for both delay (308 days unexplained) and on merits. The Court upheld that the NCLT-approved resolution plan, ...
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Special Leave Petition dismissed for 308-day delay and on merits; NCLT-approved resolution plan binds all, sets aside reassessment under s.143(3)
SC dismissed the Special Leave Petition for both delay (308 days unexplained) and on merits. The Court upheld that the NCLT-approved resolution plan, which extinguished claims and liabilities arising before the Effective Date, is binding on all stakeholders; consequent reassessment proceedings under s.143(3) were set aside as those pre-Effective Date claims were settled by the resolution plan. Similar SLPs having been dismissed previously was noted by the Revenue's counsel.
There is a "gross delay of 308 days" in filing the Special Leave Petition which has not been satisfactorily explained by the petitioners. The petitioners' counsel conceded that similar Special Leave Petitions have already been "dismissed by this Court." On these bases the Special Leave Petition is "dismissed on the ground of delay as well as on merits." All pending applications, if any, "stand disposed of."
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