https://www.taxtmi.com/caselaws?id=760085 NCLAT dismissed the appeal where the income tax department challenged the approval of a resolution plan, claiming their tax demands were not considered. The tribunal held that the appellant failed to file crystallized claims within the stipulated timeframe during CIRP proceedings, merely providing informal intimation without specific amounts. The tax assessment orders were passed after the resolution plan's approval by CoC and adjudicating authority. NCLAT ruled that belated claims cannot be admitted post-approval as it would undermine the finality of resolution processes and burden the successful resolution applicant with undecided liabilities, potentially making approved plans unworkable. en-us Tue, 21 May 2024 00:00:00 +0530 Wed, 16 Oct 2024 08:38:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760085 NCLAT dismissed the appeal where the income tax department challenged the approval of a resolution plan, claiming their tax demands were not considered. The tribunal held that the appellant failed to file crystallized claims within the stipulated timeframe during CIRP proceedings, merely providing informal intimation without specific amounts. The tax assessment orders were passed after the resolution plan's approval by CoC and adjudicating authority. NCLAT ruled that belated claims cannot be admitted post-approval as it would undermine the finality of resolution processes and burden the successful resolution applicant with undecided liabilities, potentially making approved plans unworkable. Case-Laws IBC Tue, 21 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760085