TaxTMI 
TaxTMI 
2026 (3) TMI 1578
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....sh the demands against the Petitioner pertaining to the period prior to the initiation of the Corporate Insolvency Resolution Process (for short 'CIRP') and deletion of such demand from the Income Tax and TDS Portals as appearing against the name of the Petitioner. 3. Brief facts of the case are that one Piramal Capital Housing Finance Ltd, as a Financial Creditor, initiated CIRP against an entity named S.K. Elite Industries (India) Ltd. u/s 7 of the Insolvency & Bankruptcy Code, 2016 (for short 'IBC') on 7th May 2021. It is submitted by the Petitioner that the name of 'S.K. Elite Industries (India) Ltd.' was subsequently changed to 'S.K. Elite Industries Ltd.' with effect from 7th July 2021 as per the Certificate of Incorporation pursua....
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....Ghanshyam Mishra & Sons Pvt. Ltd. vs. Edelweiss Asset Reconstruction Company Ltd. & Ors. [(2021) 9 SCC 657] stating that on the date of approval of the Resolution Plan by the Adjudicating Authority, all such claims which are not a part of the Resolution Plan shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect of a claim which is not a part of the Resolution Plan. 6. Thereafter, due to some inconsistencies in the directions of the NCLT Order, Mr. Atul Richard Rawat, i.e. the successful Resolution Applicant, filed an Application before the NCLT seeking clarifications in respect of the said Order, especially with regards to past liabilities that may be raised by Government Authorities. ....
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....ned by what is stated in the Resolution Plan approved by the NCLT. He also submits that the facts relating to the NCLT Orders were brought to the notice of the Income Tax Department, and therefore, the authorities should have given effect to the same and extinguished the demands. In this regard, Mr. Walve relied upon the judgement of the Hon'ble Supreme Court in Ghanshyam Mishra & Sons Pvt. Ltd. vs. Edelweiss Asset Reconstruction Company Ltd. & Ors. [(2021) 9 SCC 657]. He further pointed out that during the pendency of this Writ Petition, the Income Tax Department has adjusted an amount of around Rs. 25,00,000/- towards pre-CIRP outstanding demands against refunds which were due to the Petitioner. In view of the same, he submits that the Re....
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.... Financial Year Processed Demand 2017-18 1,70,400 2019-20 12,510 2021-22 1800 11. Mr. Walve submits that the dues on the Traces Portal were in respect of the short/less payment/deposit of TDS deducted, and the dues on the Income Tax Portal are in respect of the demand arising out of Intimation and/or Assessment Order. The Order dated 15th May 2023 passed by the Income Tax Officer TDS Ward 1(1)(2) Mumbai giving effect to the NCLT Orders is only in respect of the dues on the Traces Portal pertaining to the short deposit of the TDS deducted. He submits that another order is required to be passed by the Jurisdictional Assessing Officer, i.e. Respondent No. 1, deleting the pre-CIRP demand as appearing on the Income Tax Po....
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....construction Company Ltd. & Ors. [(2021) 9 SCC 657] and Vaibhav Goel & Another v/s. Deputy Commissioner of Income Tax & Another [(2025) 255 Company Cases 266 (SC)], this Court held that once the Resolution Plan is approved by the Adjudicating Authority (under the IBC), no belated claim can be included therein. If one were to allow this, the Resolution Applicants would not be in a position to recommence the business of the Corporate Debtor with a clean slate. 14. In the above circumstances and the position in law, we hereby pass the following order: (i) Respondent No. 1 is directed to give effect to the NCLT's Order dated 15th May 2023 read with the Order dated 18th October, 2023, and extinguish all the demands relating to the pe....