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TMI Blog2021 (11) TMI 951X X X X Extracts X X X X X X X X Extracts X X X X ..... Resolution Plan which was approved vide order dated 21.05.2019. The Ld. Adjudicating Authority while approving the Resolution Plan vide order dated 21.05.2019 in para 44 has rightly observed that In the resolution plan, relief and concession has been sought in respect of statutory dues for making payment in instalments, no coercive action, waiver of requirement of pre-deposit for filing appeals, waiver of interest, penal interest or damages. These are issues to be decided by the respective government department and appropriate application may be moved before them . There is no illegality committed by the Ld. Adjudicating Authority while passing the impugned order - Appeal dismissed. - Company Appeal (AT) (Insolvency) No. 956 of 2020 - - - Dated:- 25-11-2021 - [Justice Anant Bijay Singh] Member (Judicial) And [Ms. Shreesha Merla] Member (Technical) For the Appellant : Mr. Anil Goel (PCA), Ms. Udita Singh, Mr. Nipun Gautam,Mr. Gaurav Mitra and Ms. Shriya Ray Chaudhuri, Advocates For the Respondents : Mr. Himanshu Chakrvarty and Mr. Sanjay Kumar, Advocate for R-1/ IT Department JUDGMENT Justice Anant Bijay Singh; This Appeal has been preferred by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the operational creditors in the event of a liquidation of the corporate debtor under section 53. Resolution plan offers to make payment equivalent to 50% of the amount due to operational creditors. The said amount is more than the amount payable to the operational creditors in the event of liquidation of the corporate debtor under Section 53. Proof of claim has not been received from any worker. Considering the estimated liability due to workers from insolvency commencement date i.e. 31.05.2018, CoC has allocated ₹ 0.17 Crores for payments to workers and employees. Payment to workers and employees will be made for whole of the liability in the normal course of business. Resolution Plan proposes to make full payments towards any claim on account of unpaid wages, salaries and other entitlements relating to the period before the commencement of the CIRP. There is thus clear allocation of fund and protection, and therefore this condition stands satisfied. vii) Further, in the paragraph 18 of the Resolution Plan approval order, the Ld. Adjudicating Authority in respect of the Resolution Plan recorded as under: 3. No waiver has been sought in respect of debt in respect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xii) Further case is that the Respondent No. 1 also agitated the fresh demands after the approval of the Resolution Plan which is completely against the scheme of the Code and regulations therein. The Respondent No. 1 after the approval of the Resolution Plan raised two demand notices relating to the assessment year 2012-13 and assessment year 2013-14 [Annexure A-6 (Colly) at page 123 to 183 of the Appeal Paper Book]. xiii) The reply letter dated 30.01.2020 (Annexure A-7 at page 184 to 215 of the Appeal Paper Book) was sent by the Monitoring Professional to the Respondent No. 1 stating therein clearly that no demand can be raised from the Corporate Debtor at the stage of implementation of the already approved resolution plan and requested the Respondent No. 1 not to take any coercive action. xiv) The Appellant again received the notice on 02.06.2020 and agitation of the fresh demands by the Respondent No. 1 were assailed by the Monitoring Professional before the Adjudicating Authority and the Adjudicating Authority after hearing the submissions made by the Counsel of Monitoring Professional issued notice on 27.08.2020 to the Respondent No. 1 as service affidavit was also fil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entral Excise Department estimated that the assesse company had evaded Union Excise duty on account of clandestine removal of goods. The said information was passed on to the Income Tax Department by the Excise Authorities. On the basis of information so passed on by the Excise Department, the case of the assesse company for A.Ys 2012-13 to 2014-15 were re-opened by issuing notices under Section 148 of the Income Tax Act, 1961. The assessment proceedings for A.Y. 2014-15 was completed on 18.12.2017 itself, while those for A.Y. 2012-13 was completed on 26.12.2019 and for A.Y. 2013-14 on 27.12.2019 which led to the creation of the following demands: - A.Y. 2014-15 ₹ 16,85,79,469/- A.Y. 2012-13 ₹ 9,46,80,622/- A.Y. 2013-14 ₹ 25,55,43,350/- First Appeal of the assesse company against these three assessment orders are still pending with CIT(A). 9. It is further submitted that during the FY 2018-19 one M/s Amrit Steels (operational Creditor of the assesse) filed an application against the assesse company before the NCLT, New Delhi under Section 9 of the Insolvency and Bankruptcy Code, 2016 and the same was admitted by the NCLT vide its order dated 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Hon ble Supreme Court decision rendered in Essar Steel and restrain the Respondent from raising such demand; b) Declare that the demand raised in respect of the Assessment Year 2013-14 is invalid in light of Hon ble Supreme Court decision rendered in Essar Steel and restrain the Respondent from raising such demand; c) Re-adjudicate and Reconsider the relief sought by the Joint Resolution Applicants in reference to the statutory dues for making payments in instalments, requirement of Pre-deposit for filing appeals, waiver of interest, penal interest or damages, coercive action etc. for effective implementation of the Resolution Plan; d) Any other relief that this Hon ble Tribunal may consider necessary in the interest of justice, equity and fair play. 15. Since the Appellants are successful resolution applicants, the resolution plan was not challenged by them and the judgment passed by the Hon ble Supreme Court reported in 2021 SCC OnLine SC 313 (Ghanashyam Mishra and Sons Vs. Edelweiss Asset Reconstruction Company Limited through the Director Ors.) as has been relied by the Learned Counsel for the Appellants is not applicable. This Appellate Tribunal cannot ..... X X X X Extracts X X X X X X X X Extracts X X X X
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