9911796707
TMI Blog2022 (5) TMI 820X X X X Extracts X X X X X X X X Extracts X X X X ..... "), Revenue preferred ITA Nos. 562 & 563/Hyd/2018 respectively; whereas the assessee preferred C.O. Nos. 30 & 31/Hyd/2018, supporting the orders of the CIT(A). 2. At the outset, when the matter is called today, counsel on either side submitted that in the case of assessee, the Corporate Insolvency Resolution Process took placed and the Hon'ble National Company Law Tribunal, Amaravati Bench (NCLT) by order dt. 25/06/2021 accepted the resolution plan dt. 19/05/2021 submitted jointly by one M/s. RV Consulting Services Pvt. Limited and Sagar Power Limited, who happened to be the resolution applicants, and observed that as against the claim of the Government to the tune of Rs. 189.91 Crores, a sum of Rs. 159.37 Crores was admitted, but only ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... effective from the date on which I&B Code has come into effect; and that consequently 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. 4. We have gone through the record in the light of the submissions made on either side. It could be seen from the Form-B filed by the Revenue before the Insolvency Resolution Professional on 03/07/2020 (a copy of which forms part of record), Revenue preferred a claim to the tune of Rs. 5,92,88,707/- before the I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tand 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; (ii) 2019 amendment to Section 31 of the I&B Code is clarificatory and declaratory in nature and therefore will be effective from the date on which I&B Code has come into effect; and (iii) Consequently 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 view of the above factual and legal po ..... X X X X Extracts X X X X X X X X Extracts X X X X
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