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TMI Blog2024 (2) TMI 913X X X X Extracts X X X X X X X X Extracts X X X X ..... n - CIRP - One of the reasons given by the Adjudicating Authority for rejection is that the claim of Income Tax Department of dues to be paid has not been proposed - HELD THAT:- In the facts of the present case, the Resolution Professional may convene a meeting of the CoC for consideration of the proposal as contained in paragraphs 5 and 6 of the Affidavit of SRA as extracted above, as an Addendu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thority by which IA No.733 of 2022 filed by the Resolution Professional seeking approval of the plan has been rejected. Adjudicating Authority in paragraph 5 of the impugned order made following observations:- 5. We have heard the Learned Counsels and perused the material available on record. The Resolution Plan does not address the cash flows and value of the Assets enumerated and the Operat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... offer which was submitted subsequently on clarification. List this Appeal on 15.02.2024. 4. Affidavit has been filed on behalf of the Respondent wherein paragraphs 5 and 6, following statement has been made:- 5. I state and submit that however, as the Ld. Adjudicating Authority on 07.08.2023 inquired with the Resolution Professional that whether the successful resolution applican ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate debtor did not have any outstanding tax liability as per its Financial Statement, the answering respondent with bona-fide intention considered the claim of the Income Tax Department as per the terms of the Resolution Plan. 6. I state and submit that the Resolution Plan is in compliance of Section 30(2) of the Code and therefore, the same is required to be approved. 5. The Adjudic ..... X X X X Extracts X X X X X X X X Extracts X X X X
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