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TMI Blog2022 (5) TMI 820X X X X Extracts X X X X X X X X Extracts X X X X ..... the claim of the Revenue to the tune of Rs. 5.93 Crores and therefore, the assessee cannot have any grievance in disposing-of these appeals in tune with the orders of the NCLT. Appeals are disposed-of accordingly. - I.T.A. Nos. 562, 563/HYD/2018, C.O. Nos. 30 and 31/HYD/2018 in ITA Nos. 562 and 563/Hyd/2018 - - - Dated:- 25-4-2022 - Laxmi Prasad Sahu, Member (A) And K. Narasimha Chary, Member (J) For the Appellant : Sunku Srinivas, CIT-DR For the Respondents : A.V. Raghuram, Advocate ORDER Aggrieved by the orders dated 09/01/2018 for the AY. 2008-09 and 25/01/2018 for the AY. 2013-14 passed by the learned Commissioner of Income Tax (Appeals), Kurnool, ( Ld. CIT(A) ) in the case of M/s. Panyam Cements Mineral Indust ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, that on the date of approval of resolution plan by the Adjudicating Authority, all such claims, which are not a part of resolution plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim, which is not part of the resolution plan; that the 2019 amendment to Section 31 of the Insolvency and Bankruptcy Code is clarificatory and declaratory in n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an claim anything other than the liabilities referred to in para 3(C) to para 5. 5. Further, the Hon'ble Supreme Court in the case of Ghanashyam Mishra and Sons Vs. Edelweiss Asset Reconstruction (2021) 126 taxmann.com 132 (SC) observed 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 of approval of resolution plan by the Adjudicating Authority, all such claims, which are not a part of reso ..... X X X X Extracts X X X X X X X X Extracts X X X X
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