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TMI Blog2022 (4) TMI 777X X X X Extracts X X X X X X X X Extracts X X X X ..... mentary affidavit submitted by the Applicant at page 4 to 9. Since the Respondents have not filed any claims for the period from 1986-87 except 2012-14 and 2014-15 before the Resolution Professional/before the approval of the Resolution Plan, the left over claims of the Respondents from 1986-87 till the approval of the Resolution Plan, if it has been filed now or to be filed in the future, is not to be entertained by the Resolution Applicant/Corporate Debtor. The demand of the Respondent, prior to the date of approval of the Resolution Plan by this Bench, is hereby extinguished. Application disposed off. - IA No. 33/GB/2021 in C.P. (IB) No. 20/GB/2017 - - - Dated:- 24-3-2022 - Rohit Kapoor, Member (J) And Prasanta Kumar Mohanty, Member (T) For the Appellant : A. Gaggar, Advocate For the Respondents : S. Baruah, Advocate ORDER Prasanta Kumar Mohanty, Member (T) 1. The present Interlocutory Application is filed by Assam Company India Ltd., the applicant herein under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 against Pollution Control Board, Assam, Guwahati and 3 others seeking the following reliefs:- (i) The demand of the Respondent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,500.00 (Rupees Ten lac Five hundred only) for the Financial Year 2016-17 to 2020-21 along with the earlier dues. 6. That on 06.03.2019 the Applicant herein has sent a letter to the Respondent No. 1 bringing to its knowledge the commencement of CIRP process against the Applicant and about subsequent approval of the Resolution Plan of BRS Ventures Investment Limited (hereinafter referred to as successful Resolution Applicant) by this Hon'ble Tribunal. The successful Resolution Applicant has already infused the amount of ₹ 1,064 crores and has paid off/settled the claim of the stakeholders as per the approved Resolution Plan out of which ₹ 18.93 crores has been paid to the Operational Creditors. The said letter requested to extinguish all the disputed and undisputed claims against the Applicant relating to the period prior to the effective date i.e. 20.09.2018 in terms of the approved Resolution Plan. 7. That on 20.04.2020 the Respondent No. 1 sent a reply along with the legal opinion received from an Advocate stating therein that the provisions of Water (Prevention Control of Pollution) Act, 1974 and Air (Prevention Control of Pollution) Act, 1974 have got ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 30.09.2021, the Applicant has made payment of its outstanding dues of the Respondents based on the demand notices available with the Applicant. Copies of the demand notices and the payment details are attached with the compliance report marked as Annexure A. 12. It is further submitted by the Applicant herein that 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... filed now or in the future, is not to be entertained by the Resolution Applicant/Corporate Debtor. 15. It is submitted that the respondents have not filed any claims before this Bench for settlement of any of its dues other than the claim for the assessment years 2013-14 and 2014-15 before the Resolution Professional, which was admitted by the Resolution Professional and was paid to the respondents. 16. It is submitted that in accordance to clause 12.1 of the Resolution Plan, which deals with other liabilities including contingent liabilities as follows:- 12.1 Other Liabilities including Contingent Liabilities: 12.1.1 Except to the extent of payments to be made to the Operational Creditors and other creditors under paragraph 3 and 5 above, the Resolution Applicant and ACIL shall have no liability towards any Operational Creditors and other creditors with respect to any claims (as defined under the Code) relating in any manner to the period prior to the Effective Date. Any such liability shall be deemed 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 liab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther submitted that the applicant has incurred losses of ₹ 10161.52 lacs as on 31.03.2019 and therefore, payment of any taxes/fees does not arise and that the documents placed on record in paragraph No. 2 be treated as part of annexures of the IA No. 32/GB/2020. 21. It is further submitted that the Respondents have not filed their claims for the assessment year 1986-87, except 2013-14 and 2014-15 during the CIRP period/before Resolution Plan is approved. ORDER 22. The matter was heard on 02.08.2021, 25.08.2021, 30.09.2021, 11.11.2021, 18.11.2021, 26.11.2021 and 28.01.2022. On 26.11.2021, leaned Counsels Mr. A. Gaggar and Ms. Rakhi Purnima Paul appeared on behalf of the Applicant and Mr. Siddarth Baruah was present for the Respondents. This Bench had passed the following Order on 26.11.2021: The matter is taken up for hearing through Video Conferencing. The Learned Counsels for the Petitioner Mr. A. Gaggar along with Ms. Rakhi Purnima Paul are present and Mr. Siddarth Baruah is present on behalf of the Respondents. It is appropriate to bring here the part of the Order passed by this Bench on 11.11.2021: 2. The learned Counsel appearing for the Petitioner ha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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