2021 (9) TMI 368

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....3680 of 2021 has been preferred by the petitioner seeking substitution of the name of the petitioner from M/s Electrosteel Steels Limited (earlier known as Electrosteel Integrated Limited) to M/s ESL Steel Limited in view of the issuance of certificate of incorporation dated 26.09.2020 by the Registrar of Companies, Ministry of Corporate Affairs, Government of India pursuant to the change in the name. Learned Senior Counsel for the petitioner submits that the application may be allowed in view of the change in name of the original petitioner. 2. Learned counsel for the respondent State does not object to the prayer. 3. Accordingly, the original petitioner M/s Electrosteel Steels Limited through its General Manager (Finance) Sanjive Ku....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....lity as against the petitioner apart from the period 2011-12 to 2012-13 was about more than 81 Crores. 6. Learned Senior Counsel for the petitioner submits that issue relating to existing tax liability of the petitioner under the JVAT Act and CST Act was subject matter of writ petition W.P.(T) No. 6324 of 2019 and other three analogous writ petitions wherein the co-ordinate Bench of this Court held that it was liable to pay the same to the State inspite of the resolution plan in favour of the petitioner company approved by the adjudicating authority i.e., the NCLT since this approved resolution plan was not binding on those stake holders who were not involved in the resolution plan as per Section 31 of the I.B.Code. By a concurring judgm....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ndment to Section 31 by Section 7 of Act 26 of 2019 is clarificatory/ declaratory or substantive in nature? iii. As to whether after approval of resolution plan by the Adjudicating Authority a creditor including the Central Government, State Government or any local authority is entitled to initiate any proceedings for recovery of any of the dues from the Corporate Debtor, which are not a part of the Resolution Plan approved by the adjudicating authority? Answers: Para 95 : In the result, we answer the questions framed by us as under i. That once a resolution plan is duly approved by the Adjudicating Authority under sub-section (1) of Section 31, the claims as provided in the resolution plan shall stand fr....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the instant judgment dealt with the individual case of the appellant/ petitioner herein at para 141 to 149 thereof. It has been held in the following manner: Para 149 We hold and declare, that the respondents are not entitled to recover any claims or claim any debts owed to them from the Corporate Debtor accruing prior to the transfer date. Needless to state, that the consequences thereof shall follow. 9. The impugned judgment and order of this court dated 01.05.2020 passed in W.P.(T) No. 6324 of 2019 and other analogous writ petitions has been set aside. It has been argued on behalf of the petitioners that the plea raised by the respondent State to deny issuance of Form-C is no longer tenable in law. 10. Mr. Salona Mittal, l....