ITAT Appeal Halted by CIRP Proceedings: Resolution Plan Binding on All Parties u/s 31, No Pending Appeals Justified.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Maintainability of appeal before ITAT when CIRP proceedings have been initiated - As per section 31 of the Code, resolution plan as approved by the Adjudicating Authority shall be binding on the corporate debtor and its employees, members, creditors, guarantors and other stakeholders involved in the resolution plan. Thus, this will prevent State authorities, Regulatory bodies including Direct & Indirect Tax Departments from questioning the resolution plan. Therefore, there is no reason to keep this appeal pending. - AT....