TaxTMI 
TaxTMI 
2025 (1) TMI 689
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....cate Ms. Hetvi H. Sancheti waives service of notice of rule on behalf of the respondent. With the consent of learned advocates for the respective parties, the matter is taken up for final hearing, as the issue involved is very short. 3. This petition is filed under Articles 226 and 227 of the Constitution of India with a prayer to quash and set aside the impugned order dated 19.01.2023 passed by the respondent. Accordingly, the following prayers have been made :- "a) YOUR LORDSHIPS may be pleased to quash and set aside the order dated 19.01.2023 at Annexure "A" to the Petition being in contravention of Section 31 of Insolvency and Bankruptcy Code, 2016 and dicta laid down by Hon'ble Supreme Court in Ghanshyam Mishra and Sons....
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....d by CoC on 28.11.2019 by 100% voting share. Thereafter, RP filed an application being Interlocutory Application No. 54 of 2020 in Company Petition (I.B.) No. 199 of 2018 under Section 30(6) of the I.B. Code for obtaining the approval of resolution plan of Ld. NCLT in accordance with Section 30 read with Section 31 of the I.B. Code. 4.4. In the meantime, despite the fact that moratorium under Section 14 of IB Code was in existence, a show cause notice dated 24.07.2019 bearing number F. No. DRI/AZU/CI/ENQ-22(INT-05)/2019-Tiger was issued by Pr. Additional Director General, Directorate of Revenue Intelligence, Ahmedabad Zonal Unit, Ahmedabad and proceedings were initiated against the Petitioner for alleged violation of Customs Act, 1962, E....
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.....2023 is an complete violation of Section 31 of Insolvency and Bankruptcy Code, 2016 and judgment of Hon'ble Supreme Court in case of Committee of Creditors of Essar Steel India Ltd. Vs. Satish Kumar Gupta reported in [2019] 111 taxmann.com 234 (SC) and in case of Ghanshyam Mishra and Sons Pvt. Ltd. Vs. Edelweiss Asset Reconstruction Company Ltd., reported in (2021) 9 SCC 657. Furthermore, by virtue of Section 239 of Insolvency and Bankruptcy Code, 2016, the provisions of Insolvency and Bankruptcy Code, 2016 will prevail over all other laws including Customs Act, 1962. 6. Ms. Hetvi Sancheti appearing on behalf of the respondent has submitted that the Order-in-Original issued by the Adjudicating Authority is well reasoned. The Adjudic....
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....rders, etc. entered into by the Company, including any joint venture agreements, share subscription agreements and shareholders' agreements 8.3 INQUIRES INVESTIGATIONS ETC: All inquiries, investigations, whether civil or criminal, notices, causes of action, suits, claims, disputes, litigation, arbitration or other judicial, regulatory or administrative proceedings against, or in relation to, or in connection with the Company or affairs of the Company, pending or threatened, present or future (including without limitation, any investigation, action proceeding, prosecution, whether civil or criminal, by the Central Bureau of Investigation, the Enforcement Directorate or any other enforcement agency), in relation to any p....
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....r to the Effective Date. 8. The Apex Court, in case of Edelweiss (Supra) has categorically held as under:- "102.1 That once a resolution plan is duly approved by the adjudicating authority under sub-section (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the corporate debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority, guarantors and other stakeholders. On the date of approval of resolution plan by the adjudicating authority, all such claims, which are not a part of resolution plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim,....