TaxTMI 
TaxTMI 
2021 (8) TMI 390
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....he said application and initiated Corporation Insolvency Resolution Process (CIRP) against the Applicant under Section 14 of IBC, 2016. In the said order this Hon'ble Tribunal also appointed an Interim Resolution Professional (IRP) for collating the claims of the Applicant. Copy of the orders dated 26th October, 2017 along with the Corrigendum dated 2nd November, 2017 are enclosed herewith and marked as Annexure A. 2. During the Corporate Insolvency Resolution Process the Respondent did not file its claim with the IRP. Thereafter, the IRP was replaced by the Resolution Professional who floated the Expression of Interest for inviting the potential Resolution Applicants to submit their Resolutions Plans. 3. The Resolution Plan was s....
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....he claim of the stakeholders as per the approved Resolution Plan out of which Rs. 18.93 Crores has been paid to the Operational Creditors. The said letter requested to extinguish all the disputed and undisputed claims against the Applicant relating to the period prior to the effective date i.e. 20th September 2018 in terms of the approved Resolution Plan. Copy of the letter dated 11th March, 2019 is enclosed herewith and marked as Annexure E. 7. However, the Respondent No. 1 failed to give any reply to the letter dated 11th March 2019 sent by the Applicant. 8. It is pertinent to mention here that the Respondent No. 2 passed two orders of assessment dated 4th July, 2015 under Section 19 (B) of the Income Tax Act, 1961 and directed the ....
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....ble for the Assessment Year 1982-83 to 1992-93. The Copy of the orders dated 3rd February, 2016 and 4th March, 2016 passed by the Hon'ble High Court Gauhati is enclosed herewith and collectively marked as Annexure G. 10. It is submitted that till date no claim has been filed by the Respondents before this Hon'ble Tribunal for settlement of any of its dues. 11. It is further submitted that the Agriculture income Tax amounting to Rs. 13,74,80,376/- should be extinguished. The Computation of the demand of the Respondent made in tabular form is enclosed herewith and marked as Annexure H. 12. Under the circumstances the Applicant prays for necessary orders and/or directions by this Hon'ble Tribunal. 13. The balance of con....
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.... debtor, it becomes binding on all the stakeholders (in this case the Operational Creditor/Petitioner, hereinafter 'OC'. The Hon'ble Supreme Court in Para 95 of the said judgment held as under: ".... That once a resolution plan is duly approved by the Adjudicating Authority under subsection (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the Corporate Debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority, guarantors and other stakeholders. On the date of approval of resolution plan by the Adjudicating Authority, all such claims, which are not a part of resolution plan, shall stand extinguished....
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....r the business of the corporate debtor. All claims must be submitted to and decided by the resolution professional so that a prospective resolution applicant knows exactly what has to be paid in order that it may then take over and run the business of the corporate debtor. This the successful resolution applicant does on a fresh slate, as has been pointed out by us hereinabove. For these reasons, the NCLAT judgment must also be set aside on this count...." OBSERVATIONS 17. It is observed that (1) Recently the Hon'ble Supreme Court in the case titled as "Ghanashyam Mishra and Sons Private Limited through the Authorised Signatory Vs. Edelweiss Asset Reconstruction Company Limited through the Director & Ors' Civil Appeal....
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.... 31 (1) of the Code makes it clear that once a resolution plan is approved by the Committee of Creditors it shall be binding on all stakeholders, including guarantors. This is for the reason that this provision ensures that the successful resolution applicant starts running the business of the corporate debtor on a fresh slate as it were............" ORDER 18. Considering the (a) papers/documents made available before this Bench, (b) the observations made in Para 16 (1) above and the Judgment of the Hon'ble Supreme Court in the cases of "the Committee of Creditors of Essar Steels India Ltd. Vs. Satish Kumar Gupta and others and "Ghanashyam Mishra and Sons Private Limited through the Authorised Signatory Vs. Edelweiss Asset Reconst....