2023 (10) TMI 1590

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....LE MEMBER (TECHNICAL) SHRI ANIL RAJ CHELLAN AND HON'BLE MEMBER (JUDICIAL) SHRI KULDIP KUMAR KAREER ORDER 1. Counsel for the parties present. The present Application is filed by Mr. Atul Richard Rawat, the Successful Resolution Applicant in the Corporate Insolvency Resolution Process (CIRP) of S K Elite Industries Limited (Corporate Debtor) under Section 60(5) of the Insolvency and Bankruptcy....

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....ppropriate Authorities in accordance with law. Any waiver sought in the Resolution Plan, shall be subject to approval by the Authorities concerned. This Tribunal will not deter such authorities to deal with any of the issues arising after giving effect to the Resolution Plan. (b) The Counsel further submitted that on account of the aforesaid inconsistences, past liabilities of statutory/Governm....

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.... by the Hon'ble Supreme Court in the case of Ghanshyam Mishra ( (2021) 9 SCC 657), is clear that once the Resolution Plan is approved all claims/debts owed by the Corporate Debtor to other persons including Central/State Government or any other local authority, was to be extinguished which are not part of the Resolution Plan. (d). Having a considered the submissions of the Counsel and on perusa....

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....Applicant, for effective implementation of the plan, shall obtain all necessary approvals, under any law for the time being enforce, within such period as may be prescribed". In this connection it is also observed that Section 31(4) of the Code, 2016 state that the resolution applicant shall, pursuant to the resolution plan approved under sub-section (1), obtain the necessary approval required und....