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The High Court addressed the validity of an assessment against a company that had been dissolved. The court ruled that demand/penalty notices issued post-approval of the Resolution Plan by NCLT are not valid. Once a Resolution Plan is approved under IBC, all claims provided in the plan are frozen and binding on the corporate debtor and stakeholders. Claims not part of the plan are extinguished upon approval. The principle of a clean slate post-approval has been consistently upheld by the Supreme Court. The Resolution Plan approved by the COC binds all stakeholders, and previous liabilities cease to exist. Therefore, the assessment order and notice are deemed invalid under the law.
The High Court addressed the validity of an assessment against a company that had been dissolved. The court ruled that demand/penalty notices issued post-approval of the Resolution Plan by NCLT are not valid. Once a Resolution Plan is approved under IBC, all claims provided in the plan are frozen and binding on the corporate debtor and stakeholders. Claims not part of the plan are extinguished upon approval. The principle of a clean slate post-approval has been consistently upheld by the Supreme Court. The Resolution Plan approved by the COC binds all stakeholders, and previous liabilities cease to exist. Therefore, the assessment order and notice are deemed invalid under the law.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
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