TaxTMI 
TaxTMI 
2026 (9) TMI 936
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....it Petitions are stated to be before the National Company Law Tribunal (NCLT), Mumbai Bench - II wherein the Scheme, formulated by the Committee of Creditors has been approved on 09.06.2020. The scheme does not anywhere indicate that a claim has been put forth by the Income Tax Department in regard to the arrears that are the subject matter of these appeals, and learned Senior Standing Counsel is not in a position to produce any material to the contrary. 2. The Hon'ble Supreme Court, in the case of Ghanshyam Mishra and Sons Private Limited Vs Edelweiss Asset Reconstruction Company Limited [2021 (9) SCC 657], had considered the impact of a resolution plan once duly approved by the adjudicating authority in terms of Section 31(1) of th....
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....s than the amount to be paid to such creditors in accordance with sub section (1) of section 53 in the event of a liquidation of the Corporate Debtor. Explanation 1 to clause (b) of sub section (2) of Section 30 of the I&B Code clarifies for the removal of doubts, that a distribution in accordance with the provisions of the said clause shall be fair and equitable to such creditors. The resolution plan is also required to provide for the management of the affairs of the Corporate Debtor after approval of the resolution plan and also the implementation and supervision of the resolution plan. Clause (e) of subsection (2) of Section 30 of I&B Code also casts a duty on RP to examine, that the resolution plan does not contravene any of the provis....
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....its satisfaction, that the resolution plan approved by CoC meets the requirement as referred to in subsection (2) of Section 30 is, that after the approval of the resolution plan, no surprise claims should be flung on the successful resolution applicant. The dominant purpose is, that he should start with fresh slate on the basis of the resolution plan approved." 3. A similar issue was considered by the Hon'ble Supreme Court in the case of Ruchi Soya Industries Limited Vs Union of India [2022 (6) SCC 343]. The ratio of the judgment in Ghansyam Mishra was noticed and applied in that matter as well. 4.The distinction between the case of Ruchi Soya Industries Limited (Supra) and the present matter is that in the former, the Union of I....