Ratification of resignation acceptance validates separation retrospectively, while withdrawal may be refused through reasoned administrative discretio...
Nature-dependent electricity contracts receive new Ind AS accounting, hedge designation, transition and financial-statement disclosure requirements fr...
Alternative GST remedy permitted protective writ intervention for ex parte adjudication, preserving independent appellate review of input tax credit d...
Assessment against deceased sole proprietor requires proceedings against the legal representative, rendering prior assessment and appellate orders inv...
Residential waste collection classification under SAC 999423 defeats composite-supply exemption where facilitating goods are not transferred to the lo...
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The High Court examined the issue of liability to clear statutory dues post-insolvency proceedings under the Insolvency and Bankruptcy Code 2016. The resolution plan approved by NCLT provided for payment of Rs. 25 crores towards clearing all statutory dues, including claims by government authorities. Referring to the Supreme Court's decision in Ghanshyam Mishra and Sons Pvt. Ltd. case, the High Court held that on the date of approval of the resolution plan, all claims not part of the plan stand extinguished. Consequently, the petitioner's liability arising under the AP VAT Act or GST Act stands extinguished to the extent of its liability up to the date of approval of the resolution plan. The contention that NCLT's order is not binding due to Section 88 of the GST Act was rejected, as Section 238 of the IBC provides for a non-obstante clause overriding other laws. The High Court allowed the petitions, setting aside the demand-cum-adjudication orders issued by the tax authorities.
The High Court examined the issue of liability to clear statutory dues post-insolvency proceedings under the Insolvency and Bankruptcy Code 2016. The resolution plan approved by NCLT provided for payment of Rs. 25 crores towards clearing all statutory dues, including claims by government authorities. Referring to the Supreme Court's decision in Ghanshyam Mishra and Sons Pvt. Ltd. case, the High Court held that on the date of approval of the resolution plan, all claims not part of the plan stand extinguished. Consequently, the petitioner's liability arising under the AP VAT Act or GST Act stands extinguished to the extent of its liability up to the date of approval of the resolution plan. The contention that NCLT's order is not binding due to Section 88 of the GST Act was rejected, as Section 238 of the IBC provides for a non-obstante clause overriding other laws. The High Court allowed the petitions, setting aside the demand-cum-adjudication orders issued by the tax authorities.
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