TaxTMI 
TaxTMI 
2021 (4) TMI 624
X X X X Extracts X X X X
X X X X Extracts X X X X
....as filed by the Financial Creditors (FC) against the Corporate Debtor (CD), the applicant herein before this Bench and this Bench by an Order passed on 26.10.2017 admitted the said petition and initiated Corporate Insolvency Resolution Process (CIRP) by declaring moratorium under Section 14 of the Code of 2016. Vide aforesaid order, this Bench appointed Interim Resolution Professional (IRP) for collating the claims of the applicant. 3. During the CIRP the respondent did not file its claim with the IRP. Thereafter the IRP was replaced by Resolution Professional (RP) who floated the Expression of Interest for inviting potential resolution applicant to submit their Resolution Plan. In response thereto, a Resolution Plan was submitted by the Resolution Applicant BRS Ventures Investment Ltd. and the same was duly accepted by the majority votes in the 13th meeting of the Creditors held on 10.08.2018. Subsequently, this Bench approved the said Resolution Plan vide order dated 20.09.2018. 4. In the said Resolution Plan it was clearly stated that barring aside the claims admitted and forming part of the Resolution Plan, any other claim and / or demand prior to the effective date shall sta....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... dues like Electricity etc. 5. Matter is reserved for Orders." 8. The Respondents have not filed any reply though 15 days' time was granted to file reply as prayed for. 9. However, the Applicant has further filed Supplementary Affidavit on 27.11.2020 stating that- "2. Pursuant to the order dated 12th November, 2020 passed by the Hon'ble Tribunal the Applicant craves leave to file the instant supplementary affidavit to bring on record the following documents before the Hon'ble Tribunal:- a. The demand notice issued vide Form No.4A and the Assessment Order for the year ended 1st March, 2003 demanding for the amount of Rs. 1,68,552/- which is payable towards Central Service tax under Central Sales Tax, 1956 and West Bengal Sales Tax , 1994. The copy of the same are enclosed herewith and marked as Annexure A. b. The demand notice issued vide Form No.30 for the year ended 31st March, 2003 demanding for the amount of Rs. 19,370,205/- which is payable towards Value Added Tax under West Bengal Sales Tax Rules. The copy of the same is enclosed herewith and marked as Annexure B. c. The demand notice issued vide Form No.4A and the Assessment Order for the year ended 31st March, 20....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 146 of WBVAT Rules, 2005 states that an amount of Rs. 52,537/- is payable towards the Central Sales Tax. Copy of the demand notice and the copy of the petition are enclosed herewith and marked as Annexure I. j. The demand notice issued vide Form No.27 and the Assessment order for the year ended 31st March, 2007 demanding the amount of Rs. 6,18,32,473.87/- which is payable towards Value Added Tax under West Bengal Sales Tax Rules. The applicant filed a petition under Section 86 of WBVAT, 2003 read with Rule 146 of WBVAT Rules, 2003 states that an amount of Rs. 2,64,61,472/- is payable towards the Central Sales Tax is enclosed herewith and marked as Annexure J. k. The demand notice was issued vide Form No.4V for the year ended 31st March, 2014 demanding an amount of Rs. 1,55,56,162/- was payable towards Central Service Tax under Central Sales Tax, 1956 and West Bengal Sales Tax, 2003. Copy of the demand notice is enclosed herewith and marked as Annexure K. l. The demand notice was issued vide Form No.27 for the year ended 1st March, 2014 demanding an amount of Rs. 15,55,430/- was payable towards Value Added Tax under West Bengal Sales Tax Rules. Copy of the demand notice is en....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ommittee of Creditors (COC) through an e-voting meeting held on 10.08.2018. 13. It is further stated that in the approved Resolution Plan it was clearly stated that barring aside the claims admitted and forming part of the Resolution Plan any other claim and/or demand prior to the effective date shall stand extinguished. 14. It is submitted that in accordance to clause 12.1 of the Resolution Plan, which deals with other liabilities including contingent liabilities as follows:- "12.1 Other Liabilities including Contingent Liabilities: 12.1.1 Except to the extent of payments to be made to the Operational Creditors and other creditors under paragraph 3 and 5 above, the Resolution Applicant and ACIL shall have no liability towards any Operational Creditors and other creditors with respect to any claims (as defined under the Code) relating in any manner to the period prior to the Effective Date. Any such liability shall be deemed to be owed and due as of the Insolvency Commencement Date, the liquidation value of which is NIL and therefore no amount is payable in relation thereto. All such liabilities shall immediately, irrevocably and unconditionally stand fully and finally discha....