2026 (4) TMI 979

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....8 moratorium was introduced. A resolution plan was then made which was approved by the National Company Law Tribunal, Chandigarh, (for short, "NCLT") on 03.12.2020. Through publication in newspapers, the public at large was also put to notice of the approval of the afore resolution plan. 2. Thereafter, a notice of demand dated 30.03.2024 was served upon the petitioner under Section 156 of the Income-Tax Act, 1961 (hereinafter referred to as "the Act") through which, for the assessment year 2012-13, the petitioner was required to deposit tax dues amounting to Rs. 38,45,397/-. The petitioner was further informed that in case the demanded tax was not deposited, it would entail levy of penalties etc. 3. Through the instant petition, the p....

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....), which proposition of law has not even been disputed in the written response filed by the respondent-Revenue and that against the demand impugned through this petition, the recoveries made from the petitioner on 19.02.2025 and 27.03.2026 are not only against the law laid down by the Supreme Court in Ghanashyam Mishra and Sons Private Limited's case (supra) but are also in direct conflict with the interim order of this Court on 30.05.2024 through which the respondent-Revenue was restrained from making any recovery from the petitioner. 7. Learned counsel for the respondent-Revenue fairly does not dispute the proposition of law settled in the petitioner's favour by the Supreme Court in Ghanashyam Mishra and Sons Private Limited's case (su....

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....tion plan." 10. Thus, once under Section 31 (1) of the IBC, a resolution plan of a company under moratorium, is approved by the adjudicating authority, the claims, as provided in the resolution plan stand frozen. It is further clear that on the date of approval of the resolution plan by the adjudicating authority, all claims which are not part of the resolution plan stand extinguished and that no person, including the respondent-Revenue, would be entitled to initiate or continue proceedings in respect of the claims which are not part of the resolution plan. 11. The impugned demand of Rs. 38,45,397/- raised to be made from the petitioner through the impugned notice dated 30.03.2024 was admittedly not part of the petitioner company's re....