2025 (5) TMI 976

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....es service of notice of rule for the Respondent No. 3 & 4. With the consent of the learned advocates for the respective parties, the matter is taken up for hearing, as the issue involved is quite brief. 3. The brief facts of the case are as follows: 3.1 The Petitioner is a company engaged in the business of manufacturing plastic film. Rassendra Chem Export Private Limited, acting as an operational creditor, filed an application [CP (IB) 189 of 2018] under Section 9 of the Insolvency and Bankruptcy Code, 2016 ("IBC"), seeking initiation of the Corporate Insolvency Resolution Process ("CIRP") against the Petitioner-Corporate Debtor before the National Company Law Tribunal ("NCLT"), Ahmedabad. 3.2 The NCLT, by an order dated 12.11.2018, admitted the said application and imposed a moratorium in terms of Section 14 of the IBC. Consequently, CIRP was initiated against the Petitioner company. 3.3 By the order dated 12.11.2018, Mr. Narayan Gajanan Vidvan was appointed as the Interim Resolution Professional ("IRP"). The IRP, in accordance with Section 15 of the IBC, issued a public announcement and collated the claims submitted by the creditors. 3.4 In compliance with Section....

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.... quashing and setting-aside the impugned demand notices raised pursuant to passing of Assessment Orders and penalty orders [(Annexure-A (Colly)] and any other demand raised or to be raised for the period prior to 04.09.2020; (b) Issue a writ, order or direction in the nature of mandamus or any other appropriate writ quashing and setting aside all proceedings including but not limited to Assessment Orders, Penalty Orders and Demand Notices over and above the Demand Notices annexed as Annexure-A (Colly), initiated or to be initiated by the Respondents pertaining to the period prior to 04.09.2020; (c) Pending final hearing and admission of the matter, pass an order restraining the Respondents from enforcing demand and be further pleased to stay the proceedings initiated in relation to the period prior to 04.09.2020; (d) Pass any such other writ or order(s) as it may deem fit and proper in the interest of justice." 4. Learned Senior Advocate Mr. M.R. Bhatt with learned advocate Ms. Shailee S. Joshi for the Petitioner submitted that notices have been issued by the Department to the Petitioner for the period prior to 04.09.2020. whereas, the NCLT by virtue o....

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....e Government of India or the National Disaster Management Authority or the State Authorities, as the case may be, shall stand excluded for computation of the 60, 120 and 180 day time periods mentioned in the Table. STRUCTURE FOR ACQUISITION OF CONTROL OVER THE CORPORATE DEBTOR BY THE RESOLUTION APPLICANTS The present equity capital is envisaged to be written down to zero. Post such write off, the Resolution Applicant propose to infuse Rs. 17,72,80,000/- as equity and control 100% stake in the Corporate Debtor. 6.2 Further, Annexure-4 to the Resolution Plan which has been approved by the NCLT pertains to "Extinguishment of Claims". Clause 9 thereof reads as under:- "9. Any and all other claims (whether contingent or crystallised, known and unknown, disputed or undisputed, asserted or unasserted, present or future and whether or not filed) of Governmental Authorities in relation to all Taxes, duty, penalties, interest, fines, cesses, unpaid TDS/TCS which the Corporate Debtor was or may be liable to pay, the period prior to the Effective Date shall stand extinguished on the Effective Date by virtue of the order of the NCLT approving the Resolution Plan an....

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....debt in respect of the payment of dues arising under any law for the time being in force, such as authorities to whom statutory dues are owed] guarantors and other stakeholders involved in the resolution plan. Provided that the Adjudicating Authority shall, before passing an order for approval of resolution plan under this sub-section, satisfy that the resolution plan has provisions for its effective implementation." (emphasis added) The words starting from 'including' and ending with 'owed' were incorporated in the IB Code with effect from 16th August 2019. Section 31(1), as it stood before the amendment mentioned above and after the amendment, came for consideration in the decision of this Court in the case of Ghanashyam Mishra and Sons Pvt. Ltd. Paragraph 102 of the said decision reads thus: "102. In the result, we answer the questions framed by us 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, incl....