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TMI Blog2021 (12) TMI 190X X X X Extracts X X X X X X X X Extracts X X X X ..... an submitted by him has been accepted as this would amount to a hydra head popping up which would throw into uncertainty amounts payable by a prospective resolution Applicant who successfully take over the business of the corporate debtor. The Respondents are directed to forthwith lift lien on property and file claim before Liquidator as Operational Creditor - application disposed off. - IA No. 2337/2020 In C. P (IB) No. 2294/MB/C-II/2018 - - - Dated:- 26-11-2021 - Hon ble Member (Judicial) : Mr. Ashok Kumar Borah And Hon ble Member (Technical) : Mr. Shyam Babu Gautam For the Applicant : Ms. Rubina Khan, Advocate For the Respondent No. 1 : Mr. B B Sharma, Advocate For the Respondent No. 2 : Mr. Rahul Sarda a/w Ms. Kom ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plicant was appointed as the Interim Resolution Professional ( IRP ). Subsequently, Committee of Creditors ( CoC ) was constituted by Applicant. Pursuant thereto, in first meeting of CoC, it was resolved to appoint Applicant herein as the Resolution Professional in terms of Section 22(2) of the Code. 3. The Applicant invited Expression of Interest ( EOI ) in Form G and since no EOI was received, therefore, the CoC in its third meeting held on 19th September 2019, unanimously resolved to liquidate the Corporate Debtor. Further, the appointment of the Applicant herein as the Liquidator was approved. Subsequently, the Applicant filed a Miscellaneous Application No. 3316 of 2019 u/s 33(1) of the Code before this Tribunal seeking an order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Haresh Shah in accordance with the provisions of the Code. The Applicant requested to remove lien marked against the said property of the Corporate Debtor and pave way for smooth transfer of the property without any encumbrance against the property. The Applicant further reiterated that their claim will be dealt with under the provisions of Section 53 of the Code. 7. The description of property is given below: i. Land and Building situated at Gut No. 411 and 412, Gonde Dhumala, Taluka Igatpuri, District Nashik 422 403 (Reserve Price: ₹ 8.10 Crores, Earnest Money Deposit: ₹ 81 Lakhs); ( the said Property ). (It is pertinent to mention here that the said property falls under the jurisdiction of the Respondent No. 2 i.e. MI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 87. We have no hesitation to say, that the word other Stakeholders would squarely cover the Central Government, any State Government or any local authorities. The legislature, noticing that on account of obvious omissions, certain tax authorities were not abiding by the mandate of IB Code and continuing with the proceedings, has brought out the 2019 amendment so as to cure the said mischief. We therefore, hold that the 2019 amendment is declaratory and clarificatory in nature and therefore retrospective in operation. 88. There is another reason, which persuades us to take the said view. Sub-section (10) of Section 3 of the IB Code defined Creditor thus: (10) Creditor means any person to whom a debt is owed and includes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... monious construction of Sub-Section (10) of Section 3 of the IB Code read with Sub-Section (20) and (21) of Section 5 thereof would reveal, that even a claim in respect of dues arising under any law for the time being in force and payable to the Central Government, any State Government or any Local authority would come within the ambit of Operational Creditor . The Central Government, any State Government or any local authority to whom an Operational Debt is owed would come within the ambit of Operational Creditor as defined under Sub-Section (20) of Section 5 of the IB Code. Consequently, a person to whom a debt is owed would be covered by the definition of creditor as defined under sub-section (10) of Section 3 of the IB code. As such, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... also hold that even if 2019 amendment was not effected, still in the light of the view taken by us, the Central Government, any State Government or any local authority would be bound by the resolution plan, once it is approved by the Adjudicating Authority (i.e. NCLT). Conclusion 95. In the result, we answer the questions framed by us as under: i. That once a Resolution Plan is duly approved by the Adjudicating Authority under Sub-Section (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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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