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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 ..... eby and where under the application filed by the Monitoring Professional (Respondent No. 2 herein) was dismissed with cost of Rs. 1,00,000/- was imposed on the present Applicants (Joint Resolution Applicants). 2. The facts giving rise in the instant Appeal are as under: i) That the Corporate Insolvency Resolution Process (for short CIRP) was initiated against the Corporate Debtor on 31.05.2018 on an application filed by one operation creditor namely, Amit Steels. ii) The Ld. Adjudicating Authority appointed Praveen Bansal as the Interim Resolution Professional (for short IRP) of the Corporate Debtor and IRP was later confirmed as Resolution Professional by the Committee of Creditors. iii) Further case is that after the subsequent developments and earnestly following the CIRP regulations, 2016 one Resolution Applicant came forth upon the publication of the Form-G (Expression of Interest). The Joint Resolution Applicants (Appellants herein) submitted a resolution plan. iv) Further case is that in the 6th Committee of Creditors meeting took place on 02.02.2019, the CoC approved the resolution plan submitted by the Joint Resolution Applicants and as a natural outcome an applicatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid in full in instalments post availing all remedies available with resolution applicants, without any interest, penal interest or damages. Resolution Applicants has also proposed for protection from coercive action by these departments for deposit/settlement of the demand, which are subject to the appeal and waiver of the requirement for pre-deposit." viii) Further case is that the Ld. Adjudicating Authority denied granting the protection to the Joint Resolution Appellants with regard to waiver of requirement of pre-deposit, waiver of interest etc. in reference to statutory dues. The Ld. Adjudicating Authority while approving the Resolution Plan recorded as under: " 44. 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." ix) Further case is that the Resolution Plan was approved by the Ld. Adjudicating Authority, however, it is imperative to add that after th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the present Applicant and Joint Resolution Applicant and hence this Appeal. Submissions on behalf of the Appellants 3. The Learned Counsel for the Appellants during the course of argument and his memo of Appeal alongwith Written Submissions submitted that the Ld. Adjudicating Authority approved the Resolution Plan on 21.05.2019 and observed that the Resolution Plan submitted qualifies the requirements stipulated under Section 30(2) of the Code. 4. It is further submitted that the Ld. Adjudicating Authority denied granting the protection to the Joint Resolution Applicants with regard to waiver of requirement of pre-deposit, waiver of interest etc. in reference to statutory dues. 5. It is further submitted that the Ld. Adjudicating Authority failed to appreciate that the Deputy Commissioner of Income Tax - Respondent No. 1 after the approval of the plan started agitating for the demands which were prior to the CIRP initiation. 6. It is further submitted that the letter dated 30.01.2020 (Annexure A-7 at page 184 to 215 of the Appeal Paper Book) sent by Monitoring Professional to the Respondent No. 1 stating therein clearly that no demand can be raised from the Corporate Debto ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax dues on crystallization of tax demand. The instant demands were raised by the Income Tax Department pursuant to assessment order dated 26.12.2019 and 27.12.2019 i.e. after the moratorium imposed by the Ld. NCLT on 21.05.2019. Hence, on the date of demand, no moratorium under Section 14 of the Code was operative. 11. It is further submitted that the Appellants preferred an application before the Ld. NCLT for stay of demand which was dismissed by Ld. NCLT vide its order dated 17.09.2020 with cost of Rs. 1,00,000/- for wasting the precious judicial time. 12. It is further submitted that the order approving the Resolution Plan at para 44 (page 119 of the Appeal Paper Book) is hereunder: " 44. 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" 13. The Learned Counsel for the Respondent No. 1 further submitted that the Ld. Adjudicating Authority rightly dismis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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". 17. The Appellants herein through Respondent No. 2 have filed the IA No. 3412/ND/2020 in (IB)-447/ND/2018 and has rightly pointed out by the Ld. Adjudicating Authority that the application is filed for wasting precious time of Judicial Forum and delay the matter. ORDER 18. In view of the above, we are of the considered view that there is no illegality committed by the Ld. Adjudicating Authority while passing the impugned order therefore, we do not need to interfere in the impugned order. The impugned order dated 17.09.2020 passed by the Ld. Adjudicating Authority (National Company Law Tribunal), New Delhi, Court - IV in IA No. 3412/ND/2020 in (IB)-447/ND/2018 is hereby affirmed. There is no merit in the Appeal. The Appeal is hereby dismissed. No order as to costs. 19. Registry to upload the Judgment on the website of this Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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