TaxTMI 
TaxTMI 
2022 (10) TMI 740
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....n Applicant) under section 60(5) of Insolvency and Bankruptcy Code, 2016 read with Rule 11 of NCLT Rules, 2016, against Subodh Kumar Agrawal, RP of Ushdev International Limited, seeking modification of the order dated 03.02.2022 in IA/1447/2021, limited up to waivers as sought under the Resolution Plan. However, the Applicant had missed out to mention and seek reliefs with respect to some of the waivers. Simultaneously, the Applicant has filed another IA/1606/2022 seeking the missed-out reliefs with respect to the waivers as sought under the Resolution Plan. On the request of the Applicant Counsel, both the applications were tagged together and same has been dealt accordingly. 2. On perusal of the Application, it reveals that this Tribunal....
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....ccrue on the Corporate Debtor after 31st March 2020 till the closing date; iii.) That the Hon'ble Tribunal pass an order waiving of GST liability accrued on the Corporate Debtor from 14th May 2018 (date of commencement of CIRP) till 31st March 2019 i.e. period prior to closing date for AY 2018-2019 and AY 2019-2020 amounting to Rs. 52,20,675/- (Rupees Fifty-Two Lakhs Twenty Thousand Six Hundred and Seventy-Five only); iv.) That the Hon'ble Tribunal pass an order waiving of GST liability that would accrue on the Corporate Debtor after 31st March 2019 till the closing date; v.) That the Hon'ble Tribunal pass an order waiving of fees and stamp duty for filing Form SH-7 with the Ministry of Corporate Affairs amounting to Rs. 2....
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....he Hon'ble Tribunal pass an order for waiving all the past non-compliances of the Corporate Debtor in relation to any delayed filing or non-filing of relevant mandatory forms or returns or any other documents, including any undertakings or acknowledgements to be filed in relation thereto, under the Companies Act, 2013, Foreign Exchange Management Act, 1999 and any other Applicable Laws from occurrence Closing Date; xi.) That the Hon'ble Tribunal pass an order directing the Central Board of Direct Taxes to exempt the Applicant from any tax liabilities which may arise out of the transfer of equity shares by Applicant to the retail shareholders as per the Resolution Plan; xii.) That the Hon'ble Tribunal pass an order directing ....
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....liabilities arising out of any levies/tax dues to any government authorities, etc. which are not part of the Resolution Plan and pertaining to Corporate Insolvency Process period shall stand extinguished from the date of approval of the Resolution Plan. The authorities have to file the claim before the RP before the approval of Resolution Plan by the CoC. At this stage, we cannot burden the Resolution Applicant with the liabilities that had arisen before the approval of the Resolution Plan. In view of the above, relief (i), (ii), (iii) and (iv) are granted. Further, waiving of fees and stamp duty for filing Form SH-7 with the Ministry of Corporate Affairs amounting to Rs. 2,65,44,000/- (Rupees Two Crores Sixty-Five Lakhs Forty-Four Thousand....