9911796707
TMI Blog2023 (2) TMI 231X X X X Extracts X X X X X X X X Extracts X X X X ..... l India Ltd. submits that by the miscellaneous applications, the assessee is seeking disposal of the appeals in the light of NCLT order whereby, the resolution plan has been approved in favour of M/s. Arcelormittal Nippon Steel India Ltd. He submits that as per the NCLT order, all the government dues shall stand extinguished and no government dues including the dues involved in the present appeals is recoverable. 02. Shri Prabhat Rameshwaram, learned Additional Commissioner (AR) appearing on behalf of the revenue reiterates the finding of the impugned order. 03. We have carefully considered the submissions made by both the sides and perused the records. As regard the pending appeals wherein, the IBC proceedings have been concluded by NCLT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Operational Creditors (other than (i) employees and workmen who have been dealt with separately under Section 3.4 below; and (i) the dues owed by the Company to certain Operational Creditors (to each of whom the Company, as on the Insolvency Commencement Date, owes upto Rs. 3,00,000/- (Rupees Three lakhs) and whose details are set out in Annexure 9), which dues aggregates to Rs. 4,83,47,321/- (Rupees Four Crores Eighty Three Lakhs Forty Seven Thousand Three Hundred Twenty One). If any further claims of Operational Creditors (other than employees and workmen who have been dealt with separately under Section 3.4 below), relating to the period prior to the Closing Date arise and/or are made and/or are admitted, then the amounts payable under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i) All claims that may be or that arise against the Company in relation to any payments required to be made by the Company under Applicable Law (including Taxes), or in relation to any breach, contravention or non compliance of any Applicable Law (including criminal laws), whether or not such claim was notified to or claimed against the Company at such time, and whether or not such Governmental Authority was aware of such claim at such time, in relation to the period prior to the Closing Date, is a "claim" and "debt", each as defined under the IBC, and would consequently qualify as "operational debt" (as defined under the IBC) and therefore, the full amount of such claims shall be deemed to be owed and due as of the Closing Date, the liquid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 01, 2017. The Information Memorandum. and information uploaded to the virtual data-room from time to time, contains details of claims made by all creditors of the Company, including Financial Creditors and Operational Creditors, which have been admitted by the Resolution Professional. Further, under the CIRP Regulations, all creditors are required to submit their proof of claim prior to the approval of the Plan by the CoC. We assume that all persons that have any claim (s) against the Company (including Financial Creditors, Operational Creditors, Other Creditors, Governmental Authorities, persons who have paid any advances to the Company against supply of goods or services by the Company, and persons in respect of whom credit balances were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rrevocably and unconditionally stand extinguished and waived on the Closing Date, and the Company shall have no Liabilities in respect of such claim(s). Provided however any rights or claims of the Financial Creditors with respect to Existing Promoter Guarantees can continue against such guarantors. 3.3.7 No action by Operational Creditors Pending the occurrence of the Closing Date, no Operational Creditors shall be entitled to take, initiate or continue any steps or proceedings against the Company or its assets whether by way of demand, legal proceedings, alternative determination process, the levying of distress, in any jurisdiction whatsoever for the purpose of obtaining payment of any Liability, or for the purpose of placing the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ahmedabad has decided the matter vide Order 08.03.2019 and therefore, all the government dues prior to 08.03.2019 stand extinguished and no demand or recovery proceedings can be initiated against them." 05. In this position, we are of the view that at present the appeal became infructuous accordingly, we dismiss the appeal as infructuous. Both the sides have liberty that in case of any amicable resolution is not arrived at between the appellant and respondent to approach this tribunal to revive the present appeal and be decided on merit if required. The appeal is disposed as infructuous. MA also stand disposed of. 06. Having decided the appeal as above, we note that IBC proceedings are being initiated against many companies who are e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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