https://www.taxtmi.com/caselaws?id=754541 The HC held that once a Resolution Plan is approved under Section 31(1) of IBC, 2016, all claims not included in the plan stand extinguished and are binding on the corporate debtor and all stakeholders, including government authorities. The principle of a "clean slate" applies, barring any proceedings on claims excluded from the plan. Consequently, demand and penalty notices issued after the approval of the Resolution Plan against the petitioner-company, which was under revival, are invalid. The impugned assessment order and notices were set aside as they contravened the settled legal position that the corporate debtor's liabilities cease upon approval of the Resolution Plan. en-us Mon, 24 Jun 2024 00:00:00 +0530 Mon, 04 Aug 2025 14:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754541 The HC held that once a Resolution Plan is approved under Section 31(1) of IBC, 2016, all claims not included in the plan stand extinguished and are binding on the corporate debtor and all stakeholders, including government authorities. The principle of a "clean slate" applies, barring any proceedings on claims excluded from the plan. Consequently, demand and penalty notices issued after the approval of the Resolution Plan against the petitioner-company, which was under revival, are invalid. The impugned assessment order and notices were set aside as they contravened the settled legal position that the corporate debtor's liabilities cease upon approval of the Resolution Plan. Case-Laws Income Tax Mon, 24 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754541