TaxTMI 
TaxTMI 
TaxTMI 
2025 (12) TMI 942
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....unal (NCLT), Mumbai Bench. In the said proceedings, a consortium led by Patanjali Ayurved Limited (`Patanjali Consortium') had submitted a resolution plan in respect of the said company. Various other resolution plans were also submitted and the NCLT, Mumbai Bench, vide order dated 24th July, 2019, passed the following order: "93. Given the above observations, we approve the resolution plan with modifications, as mentioned above, which shall be binding on the Corporate Debtor and its employees, members, creditors, guarantors, Resolution Applicant and other stakeholders involved in the resolution plan." 4. Thereafter, vide order dated 4th September, 2019, the NCLT, Mumbai Bench, reiterated the above stated order dated 24th July, 2019 and directed the new management to take over the company. Thus, the NCLT had approved the resolution plan submitted by the Patanjali Consortium and accordingly, the business of the Company was restructured in accordance with and under the directions of the NCLT. Thereafter, Patanjali Consortium paid the entire sum, as approved therein and took over the Company as a 'going concern' and on a 'clean slate basis'. 5. Pursuant to t....
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....ng authority grants its approval under Section 31 could be continued." 9. He also relies upon a similar order passed by the High Court of Bombay in W.P. No. 2171 of 2025 titled M/s Patanjali Foods Ltd., Nagpur v. The Joint Commissioner, CGST & Central Excise, Nagpur-I & Ors. which is another case of the Petitioner itself filed under similar circumstances. 10. On 9th May, 2025, notice was issued in this matter and Mr. Piyush Beriwal, ld. Counsel was requested to seek instructions and file an affidavit. 11. An application was, thereafter, moved to contend that the date of the approval of the Resolution Plan should be considered to be 4th September, 2019 and not 24th July, 2019. On this issue, the Court has heard the submissions today. 12. Mr. Bhatt, ld. Counsel appearing for the Petitioner has submitted that an order of the Andhra Pradesh High Court dated 11th September, 2024 in W.P. No. 28529 of 2023 titled Patanjali Foods Limited v. The Assistant Commissioner St. Fac & Ors. is clear to the effect that the date of the approval of the Resolution Plan ought to be taken as 04th September, 2019 and not as 24th July, 2019. Reliance is also placed upon Section 31 of the Insolv....
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....]" 17. a perusal of the order dated 24th July, 2019 shows that while the Resolution Plan has been approved in terms of paragraph 93 and 94, there are certain outstanding issues that have been kept pending for consideration in the said order. Relevant paragraphs of the order dated 24th July, 2019 are extracted below: "93. Given the above observations, we approve the resolution plan with modifications, as mentioned above, which shall be binding on the Corporate Debtor and its employees, members, creditors, guarantors, Resolution Applicant and other stakeholders involved in the resolution plan. 94. The resolution professional shall forward all records relating to the conduct of the corporate insolvency resolution process and the resolution plan to the IBBI to be recorded on its database. 95. Upon perusal of the CA certificates issued in favour of the consortium members, it is noted that in the case of the Patanjali Ayurved Limited (PAL), the Auditor has certified that PAL is in the capacity to spare a sum of Rs.75 crore for investment in acquisition of business of Ruchi Soya Industries Limited on the basis of assessment of funds/liquid assets available in....
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....ay arise for which clarification can be sought by the Monitoring agency for effective implementation of the plan. In the circumstances, we hereby approve the resolution plan. Designated Registrar is directed to immediately communicate this order to the Resolution Professional, Resolution Applicant, Corporate Debtor and IBBI for information." 19. The Division Bench of the Andhra Pradesh High Court, in W.P. No. 28529 of 2023 has already taken a view in this regard, where it records as under: "8. The main contention of the petitioner is that the petitioner is not liable to pay any of the aforesaid amounts in view of the order of the National Company law Tribunal dated 04.09.2019. It is contended that the resolution plan, which was approved by the NCLT, on 04.09.2019, provided for payment of Rs.25 crores towards clearing all the statutory dues, including claims by all Government authorities. Upon approval of this offer, the petitioner would not be liable to clear any of such statutory duties set out in the scheme. [XXX] 14. In the circumstances, both the Writ Petitions are allowed by setting aside the Demand-cum-Adjudication orders dated 03.06.202....