International transaction characterisation of domestic divestment of support services business rejected; transaction between resident associated enter...
Minimum Import Price restrictions for Black Pepper, Areca-nuts and Apples upheld; procedural laying failure not fatal, notifications to be placed befo...
Transaction value between related persons requires market-equivalent pricing; importer must prove declared value mirrors ordinary international trade ...
Classification of exported insecticides under export tariff affirmed; reclassification and related penalties set aside and MEIS scrip jurisdiction rec...
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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