TaxTMI 
TaxTMI 
2026 (3) TMI 1456
X X X X Extracts X X X X
X X X X Extracts X X X X
....ate Mr. Anurag Ojha, SSC, Mr. Prathim Sharma, JSC, Mr. Raghav Bahl, Advocate for R2/ Income Tax Department ORDER Heard Ld. Counsel for Appellant, Ld. Counsel for the Resolution Professional and Shri. Anurag Ojha, Sr. Standing Counsel for the Income Tax Department. 2. This Appeal has been filed by the Appellant, the successful Resolution Applicant of the Corporate Debtor, Himalayan Mineral Waters Pvt. Ltd, challenging the order passed by Adjudicating Authority on 12/08/2025, in so far as Paragraphs 46, 47 and 53, it has not granted the prayers made by the Appellant. By the impugned order, the Adjudicating Authority has approved the Resolution Plan and while approving the Resolution Plan, with respect to the reliefs, concessions a....
X X X X Extracts X X X X
X X X X Extracts X X X X
....Insolvency Resolution Process of the Corporate Debtor. 4. It is submitted that, in view of the judgement of Hon'ble Supreme Court in Ghanshyam Mishra & sons Pvt. Ltd. vs Edelweiss Asset Reconstruction Company Limited (2021) 9 SCC 657, any claim which ought to have been raised in the CIRP and not raised, shall stand extinguished. 5. It is submitted that the Income Tax Department has not filed any claim in the CIRP and the said claim need to be extinguished by virtue of Approval of the Resolution Plan. 6. Submission of the Counsel for Successful Resolution Applicant is that the extinguishment of the claim, which was existing, cannot be saddled on the successful Resolution Applicant. 7. Ld. Counsel for the Income Tax Department, re....
X X X X Extracts X X X X
X X X X Extracts X X X X
....B Code is providing for revival of the corporate debtor and to make it a going concern. The I&B Code is a complete Code in itself. Upon admission of petition under Section 7 there are various important duties and functions entrusted to RP and CoC. RP is required to issue a publication inviting claims from all the stakeholders. He is required to collate the said information and submit necessary details in the information memorandum. The resolution applicants submit their plans on the basis of the details provided in the information memorandum. The resolution plans undergo deep scrutiny by RP as well as CoC. In the negotiations that may be held be- tween CoC and the resolution applicant, various modifications may be made so as to ensure that ....
X X X X Extracts X X X X
X X X X Extracts X X X X
...., any State Government or any Local Authority, if not part of the Plan, shall stand extinguished and no proceeding, in respect of such dues for the period prior to date on which Adjudicating Authority grant its Approval, could be continued. 11. The above judgement clearly supports the submission of the Appellant. In so far as extinguishment of dues are concerned, we however, hassen to add that as far as concessions, reliefs or waivers, Adjudicating Authority has rightly observed that successful Resolution Applicant has to approach the Competent Authority under the Income Tax Act, 1961. 12. We thus, do not filed any error in the said observation in Paragraph 47. 13. Now coming to the submission of Mr. Ojha, relying on Section 179 of....