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TMI Blog2024 (2) TMI 906X X X X Extracts X X X X X X X X Extracts X X X X ..... epartment has not made any claim before the Corporate Insolvency Resolution Process in respect of the demands arising out of the orders impugned in these three appeals. Since the Resolution Plan has been approved, as per para 8 of the Resolution Plan, all claims shall stand irrevocably and unconditionally settled, discharged and extinguished in perpetuity. Appeal dismissed. - HON BLE Ms. SULEKHA BEEVI. C.S. , MEMBER ( JUDICIAL ) And HON BLE MR. VASA SESHAGIRI RAO , MEMBER ( TECHNICAL ) Mr. P. R. Renganath , Advocate For the Appellant Mr. N. Sathyanarayanan , Assistant Commissioner ( A. R ) For the Respondent ORDER ORDER : [ Per Ms. SULEKHA BEEVI . C. S ] The above appeals have come up for hearing as per the published list. 2. The Ld. Counsel Sri P.R. Renganath appeared and argued for the appellant. It is submitted that the appellant company has been under Corporate Insolvency Resolution Proceedings as per the Insolvency Bankruptcy Code, 2016 (IBC 2016). The NCLT, Chennai has approved the Resolution Plan vide its order dt. 25/27-June 2019. The details of the appeals are as under : Period of dispute Order- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r any withholding tax payable on behalf of third parties or in respect of Non-Compliances etc; Taxes or Tax shall mean any and all present or future, direct or indirect, claims for tax, levy, duty, cess, maintenance charges, holding charges, Statutory Dues or any other charge or levy of a whatsoever nature (including any fines, penalty or interest payable in connection with any failure to pay or any delay in paying any of the same) including on gross receipts, sales, turn-over, value addition, use, consumption, property, service, franchise, capital, occupation, license, excise duties, stamp duties, custom duties and other taxes, duties, assessments or fees, however imposed, withheld, levied, or assessed by any Governmental Authority of any jurisdiction; Clause 6: Finance Proposal 6.1.1.2: The proposed bifurcation amongst all the creditors utilising the net infusion made/arranged by the Resolution Applicant in the table under clause 6.1.1.2 sl. no. 5 of the table mentions statutory dues (Rs 7.01 crores) as being only that of the electricity department. Note 7 to the table under clause 6.1.1.2: Please refer to Clause 6.1.1.3(c) for treatment of statutor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been admitted and/or the claims which have been rejected(partly or fully) by the Resolution Professional and/or because of the re-classification in the category of creditor(s). ix) Without prejudice to the generality of the provisions contained in this Resolution Plan, the Resolution Applicant, based on the limited information available, identified the following for which the extinguishments are expressly sought for: A. In respect of the pending assessments which are under process including the pending transfer pricing TDS matter and also with regard to notices issued by the relevant Governmental Authority for relevant assessment years under various provisions of the Income Tax Act or indirect tax laws, the relevant Governmental Authorities make any further assessment with respect to reduction of losses or unabsorbed depreciation or raise any demand in respect of payment of Tax on and before the NCLT Approval Date and the same shall stand settled at Nil value. Clause 6.1.1.3(i) Claims under Litigation / Dispute i) All inquiries, investigation, notices, causes of action, suits, claims, disputes, litigation, arbitration or other judicial, regulatory or adminis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loss account of the Corporate Debtor or the list of the creditors) including any liabilities, losses, penalties or damages arising out of Non-Compliances, to which the Corporate Debtor or any future shareholder, director, employees or officers of the Corporate Debtor is or may be subject to and which pertains to the period on or before the Effective Date, including but not limited to the following, shall stand extinguished, abated and settled in perpetuity without any further act or deed and such extinguishment shall form an integral part of the order passed by the NCLT approving this Resolution Plan and shall accordingly, be binding on all stakeholders including the Corporate Debtor, its present and future shareholders, directors, employees, workmen, creditors, guarantors, and other stakeholders. 8.2 All claims, liabilities, damages, penalties, cause of actions, deficiencies, assessments, demands or losses of any nature whatsoever (whether admitted/verified/submitted or not, due or contingent, asserted or unasserted, crystallised or uncrystallised, known or unknown, disputed or undisputed, present or future or whether or not set out in the balance sheet or profit loss acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... satisfied that the resolution plan as approved by the committee of creditors under sub-section (4) of Section 30 meets the requirements as referred to in sub-section (2) of Section 30, it shall by order approve the resolution plan which shall be binding on the corporate debtor and its employees, members, creditors, [including the Central Government, any State Government or any local authority to whom a debt in respect of the payment of dues arising under any law for the time being in force, such as authorities to whom statutory dues are owed,] guarantors and other stakeholders involved in the resolution plan: [Provided that the Adjudicating Authority shall, before passing an order for approval of resolution plan under this sub-section, satisfy that the resolution plan has provisions for its effective implementation.] 8. The Supreme court in Ghanashyam Mishra Sons Pvt Ltd v. Edelweiss Asset Reconstruction Company Ltd (2021) 9 SCC 657 has held that after the approval of the resolution plan by the NCLT, a creditor including the Central Government cannot recover any dues from the corporate debtor which are not a part of the resolution plan approved by the NCLT and the debt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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