9911796707
TMI Blog2024 (2) TMI 1019X X X X Extracts X X X X X X X X Extracts X X X X ..... per the resolution plan approved by NCLT, no dues exist against the applicant therefore, the demand involved in the impugned order is not recoverable by the department. Hence, the demands in the impugned order deserve to be set aside. She relied upon this Tribunal's order No. A / 11269 - 11271 / 2022 dated 20. 10. 2022 in their own case . 3. On the other hand Shri Rajesh K Agarwal, learned Superintendent (AR) appearing on behalf of the revenue submits that there is no provision in the Central Excise Act, 1944 for setting aside the demand on the basis of the NCLT proceedings. 4. We have carefully considered the submissions made by both the sides and perused the records. We find that this issue is no longer res-integra as it has been decide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cy 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 this Plan to the Operational Creditors (other than (i) employees and workmen who have been dealt with separately under Section 3.4 below; and (fil the dues owed by the Company to certain Operational Creditors (to each of whom the Company, a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aw (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 liquidation value of which is NIL and therefore, no amount is payable in relation thereto. (ii) In accordance with the foregoing, all claims (final or contingent, whether dispute or undisputed, and whether notified to or claimed against the Company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mitted 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 written-back by the Company in the years ended March 31, 2016, March 31, 2017 and March 31, 2018 have all filed their claims and all verifiable claims as on the date of approval of this Plan by the CoC, have been admitted by the Resolution Profess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arantees 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 Company into liquidation or any analogous proceedings." From the above terms of the resolution plan approved by the NCLT, it prima facie appears that the appellant is not liable to pay any dues. However, this tribunal is not competent to decide regarding ..... X X X X Extracts X X X X X X X X Extracts X X X X
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