Finality of resolution plan under Section 62 IBC bars s.148 reassessment notice against company in insolvency, quashed The SC dismissed the Special Leave Petition, upholding the HC's finding that the NCLT's approval of the resolution plan merged into the NCLAT's order and ...
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Finality of resolution plan under Section 62 IBC bars s.148 reassessment notice against company in insolvency, quashed
The SC dismissed the Special Leave Petition, upholding the HC's finding that the NCLT's approval of the resolution plan merged into the NCLAT's order and attained finality under Section 62 IBC. Consequently, a reassessment notice issued under s.148 against the company in insolvency was held untenable and was quashed and set aside. The SC declined to interfere with the HC judgment; related interlocutory applications were disposed of.
"Delay condoned." The Court heard counsel for the petitioners and, on review, declined to disturb the "impugned judgment and order" of the High Court. Emphasizing appellate restraint, the Court stated it was "not inclined to interfere" and therefore dismissed the "Special Leave Petition" and disposed of the accompanying "interlocutory application(s), if any." The decision is procedural and decisive: the High Court's determination stands, leaving no substantive modification or remand. The ruling reflects the exercise of discretionary jurisdiction to refuse further interference where the appellate court finds no sufficient ground to upset the lower court's order.
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