TaxTMI 
TaxTMI 
2022 (12) TMI 17
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....al Commissioner (AR), Shri. Tara Prakash, Assistant Commissioner (AR) for the Respondent ORDER 01 In these appeals, Shri. Anil Gidwani, learned Counsel submitted an NCLT order dated 06.08.2019 whereby the appellant Company has been liquidated. The NCLT's operating order is reproduced below:- (i) Corporate Debtor M/s Varrsana Ispat Limited having CIN: U99999WB2000PLC124804, and having its registered office at Everest House, 46-C, Chowringee Road, 15th Floor, R.N. 15 B, Kolkata, in the state of West Bengal is ordered to be liquidated. (ii) Mr. Anil Goel of AAA Insolvency Professionals LLP, B-143-144, Lajpat Nagar-1, New Delhi-110024, email id: [email protected] having Registration No.IBBI/IPA-001/1PP00118/ 2017-18/....
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.... 75 days from the liquidation commencement date and continue to file progress reports as per Reg 15(1) within 15 days after the end of the quarter in which he is appointed. (ix) The fee payable to the Liquidator shall form part of the liquidation cost as provided under Reg. 4(1) of the IBBI (Liquidation Process) Regulations, 2016. (x) The free copy of this order is to be sent to the RP/Liquidator, Financial Creditor Corporate Debtor by Speed Post as well as by email for information and for taking necessary steps. (xi) Urgent Photostat certified copy of this order, if applied for, be supplied to the parties, subject to compliance with all requisite formalities. 1.1 In view of the above order of liquidation the r....
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.... towards the Financial Creditors, the Operational Creditors and the Contingent Liabilities of the Corporate Debtor shall be fully settled and none of the creditors (including in respect of the Contingent Liabilities) shall have recourse against the Corporate Debtor for any other amount and the Corporate Debtor shall be absolved of its obligations towards all the creditors; 6.5.2.9 pursuant to the discharge and payment of the Resolution Amount as per the terms herein, all obligations, promises or commitments made or guarantee given by, or on behalf of the Corporate Debtor whatsoever, (whether oral or written) for the payment of any amount or incurring of any liability or assumption of any liability/obligation or claim against the as....
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....ng and pending before the Transfer Date shall continue. The Corporate Debtor shall file the suitable applications with the Relevant Authorities along with a copy of the order of the Adjudicating Authority and if required, the Resolution Plan to place on record such withdrawal of the relevant Litigations. It is clarified that the Contingent Liabilities including Liabilities in respect of the said Litigations will be NIL and there shall be no recourse against the Corporate Debtor or the Resolution Applicant in respect of the same; From the above terms of the resolution plan approved by the NCLT, it prima facie appears that the appellant is not liable to pay any dues. However, this tribunal is not competent to decide regarding the rec....
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....shed. In any case as per Rule 22 of CESTAT Procedure Rules, 1982, status of insolvent is applicable to natural person and not in case of company. In case of company Rule 22 is applicable when company gets wound up. 4.1 We also find that from the record and submissions of the learned AR, it is not on record that whether the respondent has approached the NCLT and lodged its claim against adjudged dues in the impugned order and status thereof. For this reason also, this tribunal cannot conclude about the recovery of the adjudged dues. 4.2 From the above facts, we find that as per the resolution plan approved by the NCLT and in the light of Hon'ble Supreme Court judgment in the case of Ghanashyam Mishra & Sons Pvt. Ltd.-2021 S....