9911796707
TMI Blog2022 (1) TMI 65X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Insolvency and Bankruptcy Code, 2016 (CODE) was filed being CP (IB) No.20/GB/2017 by the Financial Creditor (FC) against the Applicant herein before this Tribunal and this Tribunal by an order dated 26.10.2017 admitted the said application and initiated CIRP against the Applicant and declared moratorium under Section 14 of the Code. By the said order, this Tribunal also appointed an Interim Resolution Professional (IRP) for collating the claims of the Applicant. 3. During the CIRP the respondents did not file its claim with the IRP. Thereafter, the IRP was replaced by the Resolution Professional (RP) who floated Expression of Interest for inviting potential Resolution Applicants for submitting their Resolution Plans and pursuant to such Expression of Interest, the Resolution Plan as submitted by BRS Ventures Investment Ltd. [BRS Ventures), a Company incorporated in United Arab Emirates (UAE) and having its Registered Office at Unit S503A, Level 5, Emirates Financial Towers, Dubai International Finance Centre, P. O. Box No.507117, Dubai, UAE was duly accepted by the Committee of Creditors (COC) through an e-voting meeting held on 10.08.2018. Subsequently, the said Resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r hundred Thirty three and Twenty Five paise) only - Mouzadar Thowra Mouza for Mohokutie Tea Estate. c. 10.06.2019 for Rs. 2,98.909.00 (Rupees Two lacs Ninety Eight thousand Nine hundred Nine) only - Additional Deputy Commissioner (R) Charaideo for Khoomtai Tea Garden. d. 20.11.2019 for Rs. 9.02,052.00 (Rupees Nine lacs Two thousand Fifty Two) only - Additional Deputy Commissioner (R) Charaideo for financial year 2018-19 and 2019-2020 against Maijan Tea Estate. e) 21.11.2019 for Rs. 4,15,879.00 (Rupees Four lac Fifteen thousand Eight thousand Seven hundred Nine) only - Deputy Commissioner, Jorhat against Kothalgoorie Tea Estate for the period 2014-15 to 2018-19. 8. Further, on 11.09.2019 the Additional Deputy Commissioner (R) Charaideo issued a demand notice to the Applicants, Doomur Dullung Tea Estate demanding Rs. 9,88,625.00 (Rupees Nine lac Eighty Eight thousand Six hundred Twenty Five) only for the period 2017-18 to 2019-2020 and for an amount of Rs. 4,37,248.00 (Rupees Four lac Thirty Seven thousand Two hundred Forty Eight) only for 2020-21. 9. Again on 03.11.2020, a demand notice was issued by the Additional Deputy Commissioner (TN) Nagaon to the Applicant's Kondoli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ould throw into uncertainty amounts payable by the successful resolution applicant and (e) All claims must be submitted to and decided by the Resolution Professional so that a prospective resolution applicant knows exactly what has to be paid in order that it may then take over and run the business of the CD". In the light of the above, it is reiterated by the Petitioner that the Respondents have manifestly failed to apply the Principles of Law laid down in the said Judgment as well as the Code, 2016 and acted in a mechanical manner while raising such purported demand. 13. It is further stated by the Petitioner that The Hon'ble Tribunal had categorically upheld the terms of the resolution plan and has relied upon Clause 12.1.12 of the resolution plan which states that in accordance with the forgoing, all claims (whether final or contingent, whether disputed or undisputed and whether or not notified to or claimed against ACIL) of all Government Authorities (including in relation to Taxes, and all other dues and statutory payments to any Government Authority) relating to period prior to the Effective Date, shall stand fully and finally discharged and settled. To the contrary, the R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be owed and due as of the Insolvency Commencement Date, the liquidation value of which is NIL and therefore no amount is payable in relation thereto. All such liabilities shall immediately, irrevocably and unconditionally stand fully and finally discharged and settled with there being no further claims whatsoever, and all forms of security created or suffered to exist, or rights to create such a security, to secure any obligations towards Operational Creditors and other creditors shall immediately, irrevocably and unconditionally stand released and discharged, and the Operational Creditors and other creditors shall waive all rights to invoke or enforce the same. 12.1.2 In accordance with the forgoing all claims (whether final or contingent, whether disputed or undisputed and whether or not notified to or claimed against ACIL) of all Government Authorities (including in relation to Taxes, and all other dues and statutory payments to any Government Authority) relating to the period prior to the Effective Date, shall stand fully and finally discharged and settled." 13.4 The applicant has incurred losses of Rs. 10161.52 lacs as on 31.103.2019 and therefore, payment of any taxes d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by this Bench and demand notice dated 21.09.2021 issued by the Deputy Commissioner, Sibsagar (Revenue Branch) along with copy of the challan have been enclosed with the Compliance Report filed by the Applicant. 16. It is also observed that in the approved Resolution Plan, it was clearly stated that barring aside the claims admitted and forming part of the Resolution Plan any other claim and/or demand prior to the effective date shall stand extinguished. Under these circumstances, the applicant has filed the present application with the prayers as aforesaid. 17. The Hon'ble Supreme Court of India in the matter of Committee of Creditors of Essar Steel India Ltd. Vs. Satish Kumar Gupta & Ors. [Civil Appeal No.8766-67/2019 and other petitions [Judgment dated 15th November, 2019] while setting aside the judgment dated 4th July, 2019 of NCLAT and upholding the constitutional validity of the Insolvency and Bankruptcy Code (Amendment) Act, 2019 has held that (d) A successful Resolution Applicant cannot suddenly be faced with "undecided" claims after the Resolution Plan submitted by him has been accepted as this would amount to a hydra head popping up which would throw into uncertainty a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
