TaxTMI 
TaxTMI 
2022 (1) TMI 66
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....ows; a. Direct the 2nd and 3rd Respondent to pay the Applicant his dues as per the proportion for employees and workmen as stated in the Resolution Plan b. Pass any such further or other orders as this Hon'ble Tribunal may deem fit and thus render justice. 2. The Resolution Plan in respect of the Corporate Debtor viz. Tebma Shipyards Limited was approved by this Adjudicating Authority vide its order dated 04.03.2020. It is seen from the averments made in the Application that the Applicant herein is a Workmen/Employee of the Corporate Debtor who has filed its claim with the Resolution Professional for a sum of Rs. 2,22,310/-. It is averred in the Application that Respondent/RP has updated the claim of the Applicant i....
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....ditors, guarantors and other stakeholders. Such a provision is necessitated since one of the dominant purposes of the I&B Code is, revival of the Corporate Debtor and to make it a running concern. 60. Perusal of Section 29 of the I&B Code read with Regulation 36 of the Regulations would reveal, that it requires RP to prepare an information memorandum containing various details of the Corporate Debtor so that the resolution applicant submitting a plan is aware of the assets and liabilities of the Corporate Debtor, including the details about the creditors and the amounts claimed by them. It is also required to contain the details of guarantees that have been given in relation to the debts of the corporate debtor by other persons. Th....
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....ection 7, there are various important duties and functions entrusted to RP and CoC. RP is required to issue a publication inviting claims from all the stakeholders. He is required to collate the said information and submit necessary details in the information memorandum. The resolution applicants submit their plans on the basis of the details provided in the information memorandum. The resolution plans undergo deep scrutiny by RP as well as CoC. In the negotiations that may be held between CoC and the resolution applicant, various modifications may be made so as to ensure, that while paying part of the dues of financial creditors as well as operational creditors and other stakeholders, the Corporate Debtor is revived and is made an on-going....
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....espect to a claim, which is not part of the resolution plan; (ii) 2019 amendment to Section 31 of the I&B Code is clarificatory and declaratory in nature and therefore will be effective from the date on which I&B Code has come into effect; (iii) Consequently all the dues including the statutory dues owed to the Central Government, any State Government or any local authority, if not part of the resolution plan, shall stand extinguished and no proceedings in respect of such dues for the period prior to the date on which the Adjudicating Authority grants its approval under Section 31 could be continued. 5. Thus, it has been made abundantly clear that the Resolution Applicant can be made liable for the dues which are formin....