TaxTMI 
TaxTMI 
2026 (9) TMI 1603
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....cy Resolution Process (CIRP) in respect of Binani Cement Limited commenced on 25.7.2017 pursuant to admission of an application under Section 7 of the IBC filed by Bank of Baroda. A public announcement inviting claims was issued by the Resolution Professional on 29.7.2017 under Section 13 and 15 of the IBC. 3. The Resolution plan submitted by Ultratech Cement Ltd. was unanimously approved by the committee of creditors and came to be approved by the National Company Law Appellate Tribunal (NCLAT), on 14.11.2018 in Company Appeal (AT) No. 188 of 2018, which has been affirmed by the Hon'ble Supreme Court vide order dated 26.7.2019. The effective date of takeover of management is 20.11.2018 (hereinafter referred to as Transfer date). 4. T....
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....nds for the pre-transfer period. ii. Such action is de hors the mandate of the approved Resolution Plan dated 14.11.2018. The plan specifically provides that all assets of the Corporate Debtor shall be free from all encumbrances, claims, whether known or unknown, and all litigations initiated, arisen or pending before the transfer dated shall stand withdrawn and extinguished. iii. The petitioner places reliance upon a judgment of the Hon'ble Supreme Court in paragraph Nos. 102 to 102.3 in the case of Ghanashyam Mishra and Sons (P) Ltd. Vs. Edelweiss Asset Reconstruction Company Ltd. reported in (2021) 9 SCC 657. Wherein it has been observed that once a Resolution Plan is approved under Section 31(1) of the IBC, all claims ....
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....ution 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 its approval under Section 31 could be continued." iv. Further reliance has been placed by the petitioner upon the paragraph Nos. 35 to 37 in the case of JSW Steel Ltd. Vs Pratistha Thakur Haritwal reported in 2025 SCC Online Supreme Court 672. Wherein it has been held that continuation of proceedings after the judgment in Ghanashyam Mishra and Sons (P) Ltd. (Supra) is contemptuous in nature. The demand notices were held to be illegal and quashed. The relevant paragrapsh No. 35 to 37 are reproduced herein below; "35. We have, therefore, no hesitation in holding that the....
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.... v. The petitioner also places reliance upon a judgment of the Division Bench of this Hon'ble Court presided over by the Chief Justice, T. S. Sivagnanam (as His Lordship then was) in the case of PCIT-3 Kolkata Vs. M/s. Srishtri Hotel Private Ltd. being I.A. No. G.A/3/2024 in ITA/36/2020 has observed in paragraphs Nos. 11 and 12, the relevant portions of the above paragraphs is reproduced herein below: "11. Admittedly, the claim in respect of the demand which is the subject matter of the present proceedings was not lodged by Respondent 2 after public announcements were issued under Sections 13 and 15 IBC. AS such, on the date on which the resolution plan was approved by the learned NCLT, all claims stood frozen, and no claim, wh....
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....nsel appearing for the Income Tax Authorities files a report in the form of an affidavit which is taken on record. 7. It is strenuously argued that adjustment of refund has been carried out strictly in accordance with law under Section 245 of the Income Tax Act, 1961 since the Income Tax Authorities are empowered under the Act to set off any refund due to an assessee against any sum remaining payable under the Act after giving intimation in writing to the assessee of the proposed action. 8. It is further submitted that the CPC has duly issued intimation under Section 245(1) of the said Act, to the petitioner and thereafter adjusted refund for Assessment Year 2019-20 against outstanding demand for Assessment Year 2011-12. The refund am....
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.... are extinguished upon approval of the Resolution Plan if not included therein. 15. In view of the above discussion, the Writ Petition is disposed of with the following directions: a. The issuance of impugned notices proposing to initiate fresh proceedings along with consequential orders and proceedings pertaining to period prior to transferred date i.e. upto Assessment Year 2019-20 are held to be arbitrary, illegal, not sustainable in the eye of law and are hereby quashed and set aside. b. The respondent authority shall entitle the petitioner to carry forward the unabsorbed depreciation and accumulated losses as per the returns of income filed prior to transferred date i.e. upto Assessment Year 2019-20 and to utilise s....