TaxTMI 
TaxTMI 
2022 (7) TMI 1471
X X X X Extracts X X X X
X X X X Extracts X X X X
....peals the company faced financial difficulties and an application was filed by one of the financial creditors under section 7 the Insolvency and Bankruptcy Code, 2016 for recovering debts owned by the company. The National Company Law Tribunal, Hyderabad Bench (NCLT) issued order dated 20.06.2019 for initiating Corporate Insolvency Resolution Process (CIRP) in regard to the company under section 13 of IBC. Accordingly, a Resolution Plan was floated by the Resolution Professional for approval of the Committee of Creditors. The Resolution Plan submitted before NCLT was approved by NCLT vide order dated 22.06.2021 and the Resolution Plan is effective from this date which the NCLT Approval Date. 2. We have heard Shri Jay Chheda, Ms. Kirti Bhoi....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... commencement i.e. on 20.06.2019, the Corporate Debtor was not in operation. It is not in dispute that the Corporate Debtor was not run as a going concern during the CIRP. Therefore, the protection of the licenses and concessions from termination or suspension would not be available to the Corporate Debtor. In the case of Aircel (supra) the spectrum continued to be with the Telecom Company during the CIRP. In the instant case the slots cannot be regarded as present economic resource of the Corporate Debtor. That being an important factor, is squarely lacking in the case of the Corporate Debtor." 4.4 Rule 22 of the CESTAT Procedure Rules, 1982 reads as follows: "RULE 22. Continuance of proceedings after death or adjudication as an insolv....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... to the binding nature of the resolution plan as approved by the NCLT. It has been settled by the Hon'ble Apex Court in the cases referred to by the learned counsel for the applicant. Relevant paras of the said decisions are reproduced below: a. In the case of Committee of Creditors of Essar Steel Ltd., vs. Satish Kumar Gupta & Ors (2020) 8 SCC 531 Hon'ble Apex Court has also held as follows: "103................. It is made clear that the CIRP of the corporate debtor in this case will take place in accordance with the resolution plan of Arcelo Mittal dated 23.10.2018, as amended and accepted by the Committee of Creditors on 27.03.2019, as it has provided for amounts to be paid to different classes of creditors by following Section 30(2....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ction 31 could be continued. " 4.7 CBIC has vide Instruction No.1083/04/2022-CX9 dated 23.05.2022 has laid down the guidelines (SOP) for NCLT cases. The said instructions at para-1 and 2 records as follows - "Subject: Standard Operating Procedure (SOP) for NCLT cases in respect of the Insolvency and bankruptcy Code (IBC) - reg I am directed to inform the Insolvency and Bankruptcy Board of India has requested that role of GST and Customs authorities in certain key issues under the Insolvency and bankruptcy Code, 2016 needs to be formulated. Further, GST and Customs Authorities have been classified as operational creditors and are required to submit their claims against corporate debtors when the Corporate insolvency and resolution pr....