Excise Duty Claims Nullified Post-Resolution Plan Approval Under IBC 2016; All Stakeholders Bound by Settlement.

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Full Text of the Document

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....Recovery of excise duty, which got extinguished on approval of resolution plan - Section 31(1) of the IBC, 2016 mandates that the resolution plan approved by the NCLT shall be binding on the corporate debtor and its stakeholders, including creditors, central government, state government, or local authorities to whom statutory dues are owed. - The Department did not make any claim before the Corporate Insolvency Resolution Process regarding the demands arising from the impugned orders. They acknowledge that the Resolution Plan has been approved, and therefore, all claims are settled, discharged, and extinguished.....