TaxTMI 
TaxTMI 
2020 (12) TMI 803
X X X X Extracts X X X X
X X X X Extracts X X X X
....der Rule 11 of the National Company Law Tribunal Rules, 2016, against the Respondent State Bank of India- Stressed Assets Management Branch, the Resolution Professional and Acme Chem Limited- Resolution Applicant for the following reliefs: a. To make payment of salary in full during the CIRP period, amounting to Rs. 61,50,000/- (Rupees Sixty-One lakh Fifty Thousand only). b. Salary, including gratuity and provident fund, payable until the date of CIRP, amounting to Rs. 2,45,15,012.00 (Rupees Two crore forty-Five lakhs Fifteen Thousand and Twelve only). c. Proportion of outstanding loan, at par with the Financial Creditors (40.6% of the Total amount due) amounting to Rs. 6,58,29,767.00 (Rs. Six crores Fifty-Eight l....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... any law for the time being in force within a period of one year from the date of approval of the Resolution Plan by the by Adjudicating Authority under Sub-section (1) or within such period as provided for in such law, whichever is later. 19. The order of Moratorium dated 15.01.2018 passed by this Adjudicating Authority under Section 14 of the I &B Code, 2016 shall ceased to have effect from the date of passing this Order. 20. The Resolution Professional shall forward all record relating to the conduct of the CIRP and the Resolution Plan' to the IBBI, so that the Board may record the same on its data-base. 21. The approved Resolution Plan shall become effective from the date of passing of this Order." 3. C....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the NCLAT would reveal that there are 2 parts to the said order which are set out in paragraph 7 of the said order. The 1st portion of the order is with regard to the filing of an affidavit by the successful Resolution Applicant, who is the 3rd respondent herein, to the effect that he would be successfully completing the Resolution Plan whether he gets the set off under the Income Tax Act or not. The second portion of the order deals with payment of licence fee to the building owner where Corporate Insolvency Resolution Process (CIRP) has been carried out and business was running as a "going concern basis" for the period till CIRP or till the handing over of the possession of the building, whichever is earlier, and it was further directed ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ter of the Corporate Debtor is a prime example of forum shopping and misleading the Court, where the Applicant is re-agitating the issues/claims/grounds already raised by the Applicant and rejected by the Hon'ble NCLAT. The present Application is an abuse of the process of law, as it is mala-fide, frivolous, contemptuous, misleading, suffering from several legal and factual concealments. It is their further contention that the Appeal of the Applicant, bearing Co. Appeal (AT) Ins. No. 315 of 2019 was only partly allowed to the extent that the Respondent No.3 shall be filing an Affidavit before this Tribunal stating that the Resolution Plan will be implemented in its entirety, irrespective whether the Respondent receives any set-off from ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....perties as stated in the Application including of his wife's properties to raise loans for the Corporate Debtor. He was restructuring the Company but, in the meantime, CIRP was initiated. He has not been paid dues over Rs. 2.65 crores towards his salary and unsecured loan of over Rs. 16 Crores, He was both Financial Creditor and Operational Creditor..xxxxxxxx.... 7. We have gone through the various submissions made by the Appellants and the Respondents. We also been understand that the Resolution Plan have been implemented by 18.03.2019 and a lot of time has lapsed in getting final approval and landing into appeals before this Appellate Tribunal. The grey area in this case is that the setting up off losses under Income Tax Act,....
X X X X Extracts X X X X
X X X X Extracts X X X X
....id order, the Resolution Applicant has filed the Affidavit before this Tribunal, which was taken on record on 09.09.2020. The relevant Para of the affidavit is reproduced below: ".............I state that that the present affidavit relates to undertaking for implementing the Resolution Plan irrespective of availability of benefit of set off of tax losses as stated above in accordance with provisions under the Income Tax Act, 1961. For any reason whatsoever, if claims or proceedings that may be initiated by any authority, department, Central or State Government for not allowing set off of the said carried forward tax losses or in relation to any other relief or concession.............." Nowhere it was mentioned that the amounts p....