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TMI Blog2021 (8) TMI 390X X X X Extracts X X X X X X X X Extracts X X X X ..... nstruction Company Limited [ 2021 (4) TMI 613 - SUPREME COURT] , the prayer made in the present IA No. 17 of 2021 is accepted that the demand of the Respondents for ₹ 13,74,80,376.00 stands extinguished as the Law is settled that once the Resolution Plan approved by the Adjudicating Authority becomes binding on all stakeholders and all claims not dealt stand extinguished. The prayer made by the Petitioner for refund of ₹ 4,23,15,716.00 along with interest to them for the period AY 1982-83 to 1992-1993 is hereby rejected - Application disposed off. - IA/17/2021 in CP (IB) No. 20/GB/2021 - - - Dated:- 30-7-2021 - H.V. Subba Rao, Member (J) And Prasanta Kumar Mohanty, Member (T) For the Appellant : R.P. Paul, Advocate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Annexure B and Annexure C respectively. 4. After approval of the Resolution Plan by the Hon'ble Tribunal, the Applicant vide its letter dated 27th September, 2018 intimated the Respondent No. 2 about the approval of the Resolution Plan. Copy of the Letter dated 27th September, 2018 is enclosed herewith and marked as Annexure D. 5. In the approved Resolution Plan it was clearly stated that barring aside the claims admitted and forming part of the Resolution Plan and other claim and/or demand prior to the effective date shall stand extinguished. 6. That on 11th March, 2019 the Applicant sent a letter to the Respondent No. 1 bringing to their knowledge the commencement of Corporate Insolvency Resolution Process against the Appli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g to ₹ 9.29 Crores and the WP (C) No. 1505/2016 for wrong assessment made for the tax liability amounting to ₹ 4.52 Crores in the Hon'ble Gauhati High Court. The Hon'ble Gauhati High Court vide orders dated 3rd February, 2016 and 4th March, 2016 respectively was pleased to direct the respondents to consider the application filed by the Applicant made under Section 39A of Income Tax Act, 1961 and also directed the respondents to take such necessary steps towards adjustment of the assessed refund and interest that may be due to the Applicant from the Assessment Year 1986-87 to Assessment Year 1992-93 and also directed the respondents to make a fresh assessment year in respect of the Assessment Year 2013-14. The Hon'ble ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - i) The demand of the Respondents for ₹ 13,74,80,376/- should be extinguished; ii) The amount of ₹ 4,23,15,716/- should be refunded to the applicant against the AY 1982-83 to 1992-93 along with interest; iii) Any other demand prior to 20th September, 2018 should be extinguished; iv) Ad-interim order in terms of prayers above; v) To pass such further order and/or orders as this Hon'ble Tribunal may deem fit and proper; 15. It is has been argued by the learned Counsel of the Petitioner that recently the Hon'ble Supreme Court in the case titled as Ghanashyam Mishra and Sons Private Limited through the Authorised Signatory Vs. Edelweiss Asset Reconstruction Company Limited through the Director ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 105. .... Section 31 (1) of the Code makes it clear that once a resolution plan is approved by the Committee of Creditors it shall be binding on all stakeholders, including guarantors. This is for the reason that this provision ensures that the successful resolution applicant starts running the business of the corporate debtor on a fresh slate as it were .... 107. ..... For the same reason, the impugned NCLAT judgment in holding that claims that may exist apart from those decided on merits by the resolution professional and by the Adjudicating Authority/Appellate Tribunal can now be decided by an appropriate forum in terms of Section 60 (6) of the Code, also militates against the rationale of Section 31 of the Code. A successful r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... id judgment held as under: .... That once a resolution plan is duly approved by the Adjudicating Authority under subsection (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the Corporate Debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority, guarantors and other stakeholders. On the date of approval of resolution plan by the Adjudicating Authority, all such claims, which are not a part of resolution plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim, which is not part of the resolution plan.... Prior to Ghanashyam (supra), the Hon& ..... X X X X Extracts X X X X X X X X Extracts X X X X
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