Court Evaluates KGST Demand Post-Resolution Plan, Weighs IBC's Impact on Statutory Dues and Compliance with Section 30(2.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Demand of KGST when the resolution plan was approved - Jurisdiction and applicability of the Insolvency and Bankruptcy Code (IBC) over statutory dues. The court referenced the Supreme Court's ruling in Ghanasyam Mishra that all claims not part of the resolution plan stand extinguished upon its approval. However, the court also acknowledged the Rainbow Papers judgment, which emphasized that a resolution plan must comply with statutory provisions and cannot ignore statutory dues. The court found that the assessment order did not examine whether the resolution plan met the requirements of Section 30(2) of the IBC.....