TaxTMI 
TaxTMI 
2026 (9) TMI 664
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....ingh appearing for the Revenue had stated that CIRP proceedings were initiated and that Orders on the NCLT Website indicate that the Company's resolution plan has been approved and sought time to submit copy of the same. The matter was thus, adjourned to today. 3. The Ld. Authorized Representative Shri Anoop Singh has today submitted a copy of the order delivered on 19.12.2023 in IA No. 2429 of 2021 moved in CP (IB) No. 3025/2019 in the matter of State Bank of India Vs. Reliance Communications Infrastructure Limited. On perusal of the order of the NCLT dated 19.12.2023, it is seen that the application was moved by Resolution Professional Mr. Anish Niranjan Nanavaty for seeking approval of the resolution plan of Reliance Projects & Proper....
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....reditor including the Central Government, State Government or any local authority is bound by the Resolution Plan once it is approved by an adjudicating authority under sub-section (1) of Section 31 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as 'I&B Code')? (ii) As to whether the amendment to Section 31 by Section 7 of Act 26 of 2019 is clarificatory/declaratory or substantive in nature? (iii) As to whether after approval of resolution plan by the Adjudicating Authority a creditor including the Central Government, State Government or any local authority is entitled to initiate any proceedings for recovery of any of the dues from the Corporate Debtor, which are not a part of the Resolution Plan app....
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....he case of Ultra Tech Nathdwara Cement Ltd. vs. Union of India & Ors., by judgment and order dated 7.4.2020 has taken a view, that the demand notices, issued by the Central Goods and Service Tax Department, for a period prior to the date on which NCLT has granted its approval to the resolution plan, are not permissible in law. While doing so, the Rajasthan High Court has relied on the judgment of this Court in the case of Committee of Creditors of Essar Steel India Limited through Authorised Signatory (supra). 93. The Calcutta High Court in the case of Akshay Jhunjhunwala & Anr. vs. Union of India through the Ministry of Corporate Affairs & Ors.35 has also taken a view, that the claim of operational creditor will also include a cla....
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....e on which I&B Code has come into effect; (iii) Consequently, all the dues including the statutory dues owed to the Central Government, any State Government or any local authority, if not part of the resolution plan, shall stand extinguished and no proceedings in respect of such dues for the period prior to the date on which the Adjudicating Authority grants their approval under Section 31 could be continued." 7. It is clear from the aforesaid Judgement that once the Resolution Plan is approved by the Adjudicating Authority under Section 31 (1) of Insolvency and Bankruptcy Code 2016 (IBC), then "no person will be entitled to initiate or continue any proceedings in respect to a claim which is not part of the resolution plan''. We....