Denial of Preferential Treatment under SAFTA overturned where unchallenged Country of Origin certificate warranted exemption under Notification benefi...
Continuing offence of money-laundering: discharge set aside and proceedings reinstated where laundering continued after inclusion of predicate offence...
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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