Concessional Basic Customs Duty on Ethernet switches: classification as enterprise switches upheld, challenge dismissed for lack of substantial law qu...
Insolvency petition based on admitted debt and default upheld; challenge for malicious initiation rejected, settlement may proceed under resolution fr...
Once a resolution plan is approved under Section 31 of the IBC, claims not forming part of the plan, including prior-period statutory dues, stand extinguished and cannot be enforced against the corporate debtor. Applying the Supreme Court rulings in Satish Kumar Gupta and Ghanashyam Mishra, the HC held that the approved plan bound all stakeholders, including Government authorities, so pre-CIRP income-tax demands could not be adjusted against refund amounts. The impugned adjustment of refunds for the relevant assessment years was therefore quashed as unsustainable in law.
Once a resolution plan is approved under Section 31 of the IBC, claims not forming part of the plan, including prior-period statutory dues, stand extinguished and cannot be enforced against the corporate debtor. Applying the Supreme Court rulings in Satish Kumar Gupta and Ghanashyam Mishra, the HC held that the approved plan bound all stakeholders, including Government authorities, so pre-CIRP income-tax demands could not be adjusted against refund amounts. The impugned adjustment of refunds for the relevant assessment years was therefore quashed as unsustainable in law.
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