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TMI Blog2022 (1) TMI 66X X X X Extracts X X X X X X X X Extracts X X X X ..... ated that Verification with the books of accounts are pending. Once this verification is complete, the amount of claims that have been admitted/rejected/partially accepted shall be published. It has been made abundantly clear that the Resolution Applicant can be made liable for the dues which are forming part of the Information Memorandum and once the Resolution Plan is approved by this Adjudicating Authority, all the dues including the statutory dues owed to the Central Government, any State Government or any local authority, if not part of the resolution plan, shall stand extinguished and no proceedings in respect of such dues for the period prior to the date on which the Adjudicating Authority grants its approval under Section 31 coul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n has not paid any amount to the Applicant. 3. We have perused the typed set filed along with the Application. The Applicant in support of his claim has referred to Annexure 'A6', which is the copy of the Employee claims as appearing in the website of the 2nd Respondent. It is seen that the RP has published the list of claims received by the Employees, however there is no proof which has been placed on record by the Applicant in order to show that the said claim has been admitted. Further, in Annexure A6, it is stated that Verification with the books of accounts are pending. Once this verification is complete, the amount of claims that have been admitted/rejected/partially accepted shall be published. 4. It is seen from the In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation or proceeding initiated by Government and statutory authorities are also required to be contained in the information memorandum. So also the details regarding the number of workers and employees and liabilities of the Corporate Debtor towards them are required to be contained in the information memorandum. 61. All these details are required to be contained in the information memorandum so that the resolution applicant is aware, as to what are the liabilities, that he may have to face and provide for a plan, which apart from satisfying a part of such liabilities would also ensure, that the Corporate Debtor is revived and made a running establishment. The legislative intent of making the resolution plan binding on all the stakehold ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arrive at a subjective satisfaction, that the plan conforms to the requirements as are provided in sub-section (2) of Section 30 of the I B Code. Only thereafter, the Adjudicating Authority can grant its approval to the plan. It is at this stage, that the plan becomes binding on Corporate Debtor, its employees, members, creditors, guarantors and other stakeholders involved in the resolution Plan. The legislative intent behind this is. to freeze all the claims so that the resolution applicant starts on a clean state and is not flung with any surprise claims. If that is permitted, the very calculations on the basis of which the resolution applicant submits its plans, would go haywire and the plan would be unworkable. 95. In the result, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Authority, all the dues including the statutory dues owed to the Central Government, any State Government or any local authority, if not part of the resolution plan, shall stand extinguished and no proceedings in respect of such dues for the period prior to the date on which the Adjudicating Authority grants its approval under Section 31 could be continued. 6. In the present case, the dues of the Applicant do not form part of the Information Memorandum as admitted claim and the RP has rejected the claim of the Applicant. Thus, in terms of the Judgment rendered by the Hon'ble Supreme Court in the matter of Ghanashyam Mishra (supra) the Application filed by the Applicant stands dismissed. No costs. - - TaxTMI - TMITax - Insolv ..... X X X X Extracts X X X X X X X X Extracts X X X X
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