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TMI Blog2021 (9) TMI 437X X X X Extracts X X X X X X X X Extracts X X X X ..... ssed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Court-III in M.A. No. 2710 of 2019 in C.P. No. 2924/IB/2018 in the matter of Corporate Debtor - 'M/s. AVK Automall Pvt. Ltd.'. By the said impugned order the Adjudicating Authority accepted the Resolution Plan which had been submitted by M/s Leadadroit Services Pvt. Ltd. which had been approved by a voting share of 94.60%. The Learned Counsel for the Appellant submits that the Appellant had filed claims for the Sales Tax dues of Rs. 14,70,50,763/-, however in the Resolution Plan approved, from the above Sales Tax dues hardly an amount of Rs. 14,50,000 has been allotted to Operational Creditors - Government Authorities which comes to hardly 1% of the du ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orporate Debtor. Refer point 5 and 7 of Resolution Plan Employees and Workmen NIL 1. Infusion through Leadadroit Services Private Limited through SPV in the form of subsidiary company by way of release of its liquid funds/ investments against which corporate debtor will issue Equity Shares of the Corporate Debtor. Refer point 5 and 7 of Resolution Plan Operational creditors, excluding employees and workmen (this include various statutory authorities like Income 14.50 Lacs 1. Infusion through Leadadroit Services Private Limited through SPV in the form of subsidiary company by way of release of its liquid funds/ investments against which corporate debtor will issue Equity Refer point 5 and 7 of Resolution Plan Tax, VAT and Ser ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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; (ii) 2019 amendment to Section 31 of the I & B Code is clarificatory and declaratory in nature and therefore will ..... X X X X Extracts X X X X X X X X Extracts X X X X
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