2025 (9) TMI 247

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....Pvt. Ltd has taken over the ownership of assets and liabilities of the company since 01.06.2021. 3. It was therefore, submitted before us that investigation is in a limbo. In view of the aforesaid submissions, the Tribunal directed the DGAP take appropriate legal opinion in this connection. In response to such direction, legal opinion has been sought by Pr. DG, DGAP from Shri Zoheb Hossain, Advocate-on-Record and Senior Standing Counsel for the Income tax Department. 4. The Pr. DG has sought legal opinion of the Senior Standing Counsel of the Income Tax Department and Advocate on Record as named above on the following issue; a. Whether the due benefit of Input Tax Credit that had accrued consequent to the introduction of Good....

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....teel India Limited vs. Satish Kumar Gupta and Ors (MANU/SC/1577/2019) observed that the Resolution Applicant should be aware of the claims and should not suddenly be burdened with undecided claims, stating as follows: For the same reason, the impugned NCLAT judgment in holding that claims that may exist apart from those decided on merits by the resolution professional and by the Adjudicating Authority/Appellate Tribunal can now be decided by an appropriate forum in terms of Section 60(6) of the Code, also militates against the rationale of Section 31 of Code. A successful resolution Applicant cannot suddenly be faced with "undecided" claims after the resolution plan submitted by him has been accepted as this would amount to a hydra....

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....antors and other stake holders. 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, which is not part of the resolution plan; II. 2019 amendment to Section 31 of the I & B Code is clarifactory and declaratory in nature and therefore will be effective from the date on which I & B Code has come into effect: III. Consequently, all the due including the statutory dues owed to the Central Government, any State Governments or any local authority, if not part of the resolution plan, shall stand extinguished and not proceedings in resp....