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AI Drafter - (New and Powerful) ✕ Generate professional replies, appeals, opinions to Show Cause Notices, assessment orders, audit objections, and other legal communications using TaxTMI's AI Drafter.
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Issues: Whether the appeal abates in view of an NCLT-approved resolution plan under Section 31 of the Insolvency and Bankruptcy Code, 2016, thereby extinguishing pre-approval claims and rendering the Tribunal functus officio.
Analysis: The Tribunal considered the binding effect of an NCLT-approved resolution plan as set out in Section 31 of the Insolvency and Bankruptcy Code, 2016 and the clarificatory effect of the 2019 amendment. The Tribunal relied on the ratio in Ghanashyam Mishra and Sons Private Ltd. v. Edelweiss Asset Reconstruction Company Ltd. (2021) 9 SCC 657 which holds that claims not part of an approved resolution plan stand frozen and extinguished and cannot be continued. The Tribunal also noted CBIC Instruction No.1083/04/2022 dated 23.05.2022 prescribing SOP for GST/customs authorities to file claims within the prescribed timeline and observed prior Tribunal precedent applying the same principles. Having regard to these authorities and the filed copy of the approved resolution plan, the Tribunal concluded that continuation of the present appeal is barred and the Tribunal is rendered functus officio.
Conclusion: The appeal abates on account of the NCLT-approved resolution plan; proceedings are extinguished insofar as claims prior to approval are concerned and the appeal is disposed of as abated in favour of the assessee.
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