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<h1>Resolution plan approval can extinguish tax liabilities and bar revisionary assessment powers after insolvency resolution.</h1> Approval of a resolution plan under the Insolvency and Bankruptcy Code is stated to extinguish all liabilities of stakeholders, including Government and ... Extinguishment of claims on approval of resolution plan under the Insolvency and Bankruptcy Code - power to initiate revision of assessment under Section 263 of the Income tax Act - HC held [2024 (10) TMI 1156 - GUJARAT HIGH COURT] in view of approval of resolution plan, all liabilities of all stakeholders including that of Government/ Statutory Authority shall stand extinguished after approval of the resolution plan. HELD THAT:- We find no grounds to interfere with the impugned judgment and order of the High Court. Hence, the present Special Leave Petition is dismissed. Outcome: Special Leave Petition dismissed [No detailed order].
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