TaxTMI 
TaxTMI 
2023 (7) TMI 1218
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....ter referred to as the "Rules") contained in erstwhile National Anti-profiteering Authority's (hereinafter referred to as the "NAA") Interim Order (I.O.) No. 10/2022 dated 04.08.2022, passed in the matter of Project "Ireo Rise" executed by M/s Puma Realtors Pvt. Ltd. Regd. Office: 8D, Hansalaya 15, Barakhamba Road, New Delhi - 110001 (hereinafter referred to as "the Respondent"). 2. The DGAP vide his Report dated 31.01.2023 has inter-alia submitted that:- i. The NAA passed an Interim Order No. 10/2022 dated 04.08.2022 directing the DGAP to further investigate the matter under Rule 133 (4) of the Rules and furnish a comprehensive report. Vide Para 8 and 9 of the aforesaid order, the NAA had made following observations: 8. The DGAP ....
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....um of One City Infrastructure Pvt. Ltd. and APM Infrastructure Pvt. Ltd. had submitted the Resolution Plan for the Respondent. The said Resolution Plan was approved by the Committee of Creditors (CoC) on 05.09.2019 and subsequently approved by the NCLT vide its order dated 01.06.2021. Pursuant to which, new management took over the affairs of the Respondent. b. Further, Respondent has submitted that the Resolution Plan, as approved by the NCLT, shall in terms of Section 31 of the Insolvency and Bankruptcy Code 2016 ("Code") shall have a binding effect upon the debts of the Respondent including the dues of the Central Government, any State Government or any local authority to whom debt in respect of the payment of dues arising under any l....
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....o what was the liabilities, that he might had to face and provide for a plan, which apart from satisfying a part of such liabilities would also ensure, that the Corporate Debtor is revived and made a running establishment. The legislative intent of making the resolution plan binding on all the stakeholders after it gets the seal of approval from the Adjudicating Authority upon his satisfaction, that the resolution plan approved by CoC meets the requirement as referred to in subsection (2) of Section 30 is, that after the approval of the resolution plan, no surprise claims should be flung on the successful resolution applicant. The dominant purpose is, that he should start with fresh slate on the basis of the resolution plan approved" d. ....
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....e-mail dated 20.09.2022 has intimated the DGAP that he was not handling any operation of M/s Puma Realtor Pvt. Ltd. as vide NCLT's above order his business was taken over by the 'One Group Developers' with effect from 01.06.2021. g. In his reply dated 09.11.2022, the Respondent informed that before the initiation of CIRP, he had obtained partial Completion Certificate (CC) from the Country & Town Planning Department of Govt. of Haryana for all the Towers (Tower-1, 2, 3, 4, 5, 6 and 7) vide partial CC Memo No. GMADA/STP/2017/2034 dated 30.06.2017 for the Tower No. 1, 4, 5, 6 and 7 and Memo No. GMADA/STP/2018/588 dated 01.03.2018 for the Tower No. 2 and 3. h. The Respondent has also informed that the present management viz. ....
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.... the non-submission of the documents by M/s Puma Realtors Pvt. Ltd. would stand extinguished and the Resolution Applicant viz. M/s One Group Developers cannot be held accountable for the actions of the Respondent for not passing of the benefit of ITC to the eligible recipients under Section 171 of the CGST Act, 2017 after approval of the Resolution Plan. d. The claims/benefit could not be quantified because of the non-submission of the documents by the Respondent. Further, any claim on Respondent would stand extinguished in view of the order of NCLT dated 01.06.2021 and the Resolution Applicant (M/s One Group Developers) cannot be held accountable for the action of M/s. Puma Realtors Pvt. Ltd. in not passing on the benefit of ITC to the ....
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....sion The Commission after careful consideration of the DGAP's Report dated 31.01.2023 and also the Respondent's submissions made before the DGAP holds on both the above issues as under: a. Issue No. 1: That any claim of not passing on the benefit of ITC to the recipients under Section 171 of the CGST Act and the Rules made there under, would not survive in view of the Order dated 01.06.2021 passed by the NCLT under Section 31 of the Code which extinguishes his all liabilities including any liability on account of passing on the benefit of ITC to the recipients of the Project lreo Rise as the same has not been incorporated in the Approved Resolution Plan. Further the New Management viz. M/s One Group Developers can also not be hel....