https://www.taxtmi.com/caselaws?id=422560 The Tribunal upheld the NCLT's approval of the resolution plan, emphasizing its binding nature under the Insolvency and Bankruptcy Code. All claims not included in the plan were extinguished, as clarified by the Supreme Court. The Revenue's claim for a higher amount was dismissed, as the resolution plan specified a lower sum accepted by the assessee. Since the Revenue did not contest the NCLT's decision, the appeals were disposed of in accordance with the resolution plan. The judgment highlighted the significance of honoring the terms of the resolution plan and respecting NCLT's decisions in corporate insolvency matters. en-us Mon, 25 Apr 2022 00:00:00 +0530 Wed, 18 May 2022 08:56:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422560 The Tribunal upheld the NCLT's approval of the resolution plan, emphasizing its binding nature under the Insolvency and Bankruptcy Code. All claims not included in the plan were extinguished, as clarified by the Supreme Court. The Revenue's claim for a higher amount was dismissed, as the resolution plan specified a lower sum accepted by the assessee. Since the Revenue did not contest the NCLT's decision, the appeals were disposed of in accordance with the resolution plan. The judgment highlighted the significance of honoring the terms of the resolution plan and respecting NCLT's decisions in corporate insolvency matters. Case-Laws Income Tax Mon, 25 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422560