2024 (1) TMI 1382 - SCH - IBC

Dismissal of review petition - HELD THAT - These appeals were kept pending, as the Review Petitions filed in the case of STATE TAX OFFICER (1) VERSUS RAINBOW PAPERS LIMITED 2022 (9) TMI 317 - SUPREME COURT on which reliance has been placed were pending. Now, the Review Petitions have been dismissed. In the light of the decision in the case of State Tax Officer v. Rainbow Papers Limited, the impugned order dated 22nd March, 2022 passed by the National Company Law Appellate Tribunal set aside. It is obvious that these appeals will be governed by the directions issued in the said decision. Appeal allowed.

Summary

The Supreme Court allowed an application to substitute the respondent with the appointed Resolution Professional. Civil Appeal Nos. 7514-7515 of 2022 were allowed based on the dismissal of Review Petitions in the case of State Tax Officer v. Rainbow Papers Limited. The impugned order by the National Company Law Appellate Tribunal was set aside, and the appeals will be governed by the directions in the said decision. 90 days granted to the Resolution Professional to complete the process.