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TMI Blog2024 (6) TMI 394X X X X Extracts X X X X X X X X Extracts X X X X ..... ertinent to refer the findings of Mumbai Bench of the Tribunal in the case of M/s Jet Airways (India) Limited where it was ordered that the appeals stand abated once the Resolution Plan has been approved by NCLT and the CESTAT has become functus officio in the matters relating to this appeal. Thus, once the Resolution Plan has been approved by the NCLT, thereafter, the present appeal stands abated as the CESTAT has become functus officio in the matter relating to the present appeal. The appeal filed by the appellant is disposed of as abated. - HON BLE Mr. S. S. GARG , MEMBER ( JUDICIAL ) And HON BLE Mr. P. ANJANI KUMAR , MEMBER ( TECHNICAL ) For the Appellant : Sh. Manish Khurana , Advocate Present For the Respondent : Sh. Pawan Kumar and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Advisors (P) Ltd, 4th Floor, Tower-A, Building No. 8, DLF Cyber City, Phase-II, Gurgaon under the provisions of Section 77 of the Act ibid for various acts of omissions and commissions as discussed in foregoing Paras. (v) I impose a penalty of Rs.6,66,83,523/- (Rupees Six Crores Sixty Six Lakhs Eighty Three Thousand Five Hundred Twenty Three only) upon M/s Technopak Advisors (P) Ltd, 4th Floor,Tower-A, Building No. 8, DLF Cyber City, Phase-II, Gurgaon under the provisions of Section 78 of the Finance Act, 1994. They could, however, avail of the benefit of the proviso to Section 78 wherein it had been laid down that if the Assessee deposits the entire amount of Service tax along with the interest within 30 days from the date of the communica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant s company vide its order dated 21.08.2019 under Section 7 of the Insolvency and Bankruptcy Code, 2016. Accordingly, a Resolution Plan was floated by the Resolution Professional for approval of the committee of creditors. The Resolution Plan submitted before NCLT, was approved by NCLT vide its order dated 08.02.2021 and the Resolution Plan became effective from this date i.e. 08.02.2021. 6. After considering the submissions made by both the sides and perusal of the Resolution Plan, we find that the identical matter has been considered by two coordinate benches of the Tribunal; Mumbai Bench vide order dated 12.05.2023 in the case of M/s Jet Airways (India) Limited vs. Commissioner of Service Tax-IV and Hyderabad Bench in the case of Icomm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plan by the Adjudicating Authority a creditor including the Central Government, State Government or any local authority is entitled to initiate any proceedings for recovery of any of the dues from the Corporate Debtor, which are not a part of the Resolution Plan approved by the adjudicating authority? ..... CONCLUSION 95. In the result, we answer the questions framed by us as under : (i) That once a resolution plan is duly approved by the Adjudicating Authority under subsection (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the Corporate Debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority, guarantors and other ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . No. 296/286/2021-CX. 9 Government of India Ministry of Finance (Department of Revenue) Central Board of Indirect Taxes Customs, New Delhi Dated 23.05.2022 To All Principal Chief Commissioner(s)/ Chief Commissioner(s) of Customs/ Customs (Preventive)/ Customs CGST, All Principal Chief Commissioner(s)/ Chief Commissioner(s) of CGST, Webmaster: [email protected] Madam/Sir, Subject : Standard Operating Procedure (SOP) for NCLT cases in respect of the Insolvency and bankruptcy Code (IBC) reg. I am directed to inform the Insolvency and Bankruptcy Board of India has requested that role of GST and Customs authorities in certain key issues under the Insolvency and bankruptcy Code, 2016 needs to be formulated. Further, GST and Customs Authorities ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d NCLT, all claims stood frozen, and no claim, which is not a part of the Resolution Plan, would survive. 15. In that view of the matter, the appeals deserve to be allowed only on this ground. It is held that the claim of the respondent, which is not part of the Resolution Plan, does not survive. The amount deposited by the appellant at the time of admission of the appeals along with interest accrued thereon is directed to be refunded to the appellant. 7. However from the date of approval of the resolution plan by the NCLT, the appeal filed by the applicant has abated and CESTAT has become functus officio in the matters relating to this appeal. 8.1 In view of the order passed by the Co-ordinate Bench of this Tribunal vide Final Order No. A/ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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