2023 (3) TMI 1473 - AT - Central Excise

Permission for withdrawal of appeal - approval of the Resolution Plan and the subsequent implementation - Appellant prayed that they are not interested in pursuing the Appeals and the same may be dismissed as withdrawn - HELD THAT - In view of the prayer, as made by the Ld.Advocate, the Appeals filed by the Appellant, are dismissed as withdrawn.

Summary

Issues involved:
The issues involved in the judgment are related to the insolvency and bankruptcy proceedings under the Insolvency and Bankruptcy Code, 2016, and the impact of a Resolution Plan on the statutory liabilities of the appellant.

Insolvency Proceedings:
The appellant's insolvency proceedings under the Insolvency and Bankruptcy Code, 2016 led to the initiation of a Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal, Kolkata Bench. A Resolution Plan submitted by M/s. Ghanshyam Mishra & Sons Private Limited was approved by the Tribunal, and subsequently implemented, resulting in the takeover of the appellant by the successful resolution applicant. The Resolution Plan explicitly stated the write-off and cancellation of all previous statutory liabilities, preventing any further recovery proceedings against the appellant.

Binding Nature of Resolution Plan:
The Resolution Plan approved by the Tribunal was deemed binding on all creditors of the appellant, including the respondent, as per Section 31(1) of the Insolvency and Bankruptcy Code, 2016. The successful resolution applicant, M/s. Ghanshyam Mishra & Sons Private Limited, communicated the approval and implementation of the Resolution Plan to the respondent, thereby fulfilling the legal requirements.

Decision of the Tribunal:
Upon the appellant's advocate expressing disinterest in pursuing the Appeals, the Tribunal dismissed the Appeals as withdrawn. Consequently, the Miscellaneous Applications were also disposed of, bringing the matter to a conclusion in the open Court.