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TMI Blog2022 (12) TMI 1525X X X X Extracts X X X X X X X X Extracts X X X X ..... aneous Application for recalling of such issues within the time limit provided under the Act. Thus, all captioned appeals are dismissed as infructuous in terms indicated herein above. - SRI RAJPAL YADAV, VICE PRESIDENT AND DR. MANISH BORAD, ACCOUNTANT MEMBER Smt. Rakhi Purnima Paul, A/R, appeared on behalf of the Assessee. Sh. N.T. Sherpa, JCIT, appeared on behalf of the Revenue. ORDER Per Bench: The captioned appeals at the instance of assessee and Revenue are directed against separate appellate orders passed u/s 250 of the Income Tax Act, 1961 (in short the Act ) by ld. Commissioner of Income-tax (Appeals), Shillong [in short ld. CIT(A) ]. 2. Registry has informed that the appeal in I.T.A. No. 104/Gty/2010 for AY 2006-07 is time barred by 28 days and appeal in I.T.A. No. 183/Gty/2013 for AY 1998-99 is time barred by 05 days. Condonation applications have been filed by both the parties. After perusing the same, we find force in the reasons mentioned therein and are satisfied that both the parties were prevented for reasonable cause in filing the instant appeals within statutory time limit. We, therefore, condone the delay and admit the appeals for adjudication. 3. As in the capt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fter referred to as the resolution applicant) was duly accepted by the majority votes in the 13th Meeting of Committee of Creditors. September 20, 2018 The Hon'ble National Company Law Tribunal, Guwahati Bench also approved the resolution plan. December 18, 2018 January 7,2019 As per terms of the Resolution Plan, Rs. 120,23,691.03/- has been paid to the Income Tax Department against their claim. March 11, 2019 ACIL vide their letter has communicated the said order dated 20th September, 2018 to the Income Tax Department requested for extinguishment of all its claims prior to 20th September, 2018. October 22, 2019 Order passed in IA No. 67 of 2019 by National Company Law Tribunal, Guwahati Bench. January 28, 2020 Notice issued by Income Tax Department against AY 2014-2015 to the Banker of ACIL under Section 226 of IT Act. February 4, 2020 ACIL has moved application seeking stay of notice dated 28th January, 2020 before the NCLT, Guwahati Bench which has been registered as IA 10 of 2020 the learned Bench has stayed the said notice. February 24, 2020 ACIL has filed another application being No. IA 31 of 2020 before the NCLT, Guwahati Bench praying extinguishment of all claim of Inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s stated in the Information Memorandum of ACIL provided by the Resolution Professional, wherein, as Information Memorandum, Income Tax Department had submitted its claim on 14.11.2017 totalling to Rs. 16,20,25,953/- as an Operational Creditor of ACIL. Therefore, by no iota of imagination the claims of Appellants could go over and above the said amount of Rs. 16,20,25,953/- against ACIL. That in terms of the Resolution Plan, BRS Ventures infused Rs. 1064 crores and the same was disbursed to the creditors of the ACIL, which includes Rs. 120,23,691.03 released to the Income Tax Authorities. It is pertinent to mention herein that against the claim of Rs. 16,20,25,953/- of the Income Tax Authorities against ACIL, the Resolution Professional had admitted the claim to the extent of Rs. 1,97,92,084/- and upon approval of the Resolution Plan of BRS Ventures, an amount of Rs. 120,23,691.03 released to the Income Tax Authorities on 18.12.2018 and 07.01.2019. That the Section 31(1) of the Insolvency and Bankruptcy Code, 2016 as amended vide Gazette Notification dated 06.08.2019 reads as under: (1) If the Adjudicating Authority is satisfied that the resolution plan as approved by the committee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . d. A successful resolution applicant cannot suddenly be faced with undecided claims after the Resolution Plan submitted by him has been accepted as this would amount to a Hydra head popping up which would throw into uncertainty amount payable by the successful resolution applicant. e. All claims must be submitted to and decided by the resolution professional so that a prospective resolution applicant knows exactly what has to be paid in order that it may then take over and run the business of the corporate debtor. That the Hon'ble Supreme Court of India in Ghanashyam Mishra and Sons Private Limited through the Authorised Signatory versus Edelweiss Asset Reconstruction Company Limited bearing Civil Appeal No. 8129/2019 vide judgment dated 13.04.2021, has held that: It is clear, that the mischief, which was noticed prior to the amendment of Section 31 of the I B Code was, that though the legislative intent was to extinguish all such debts owed to the Central Government, any State Government or any local authority including the tax authorities once the approval was granted to the resolution plan by the NCLT; on account of there being any ambiguity, the State/Central Government c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... part of the Resolution Process, as Successful Resolution Applicant is making a new beginning and/or starting on a clean slate. 8. We have also gone through the following documents: 1) Copy of the order dated 20th September, 2018 passed by the Hon ble National Company Law Tribunal, Guwahati in IA No.58/2018 in CP(IB) No. 20/GB/2017 approving the resolution plan of BRS Ventures Investment Ltd for Assam Company India Limited. (Annexure A) 2) Copy of the resolution plan of BRS Ventures Investment Ltd duly approved by the Committee of Creditors (COC) of Assam Company India Limited and Hon ble National Company Law Tribunal, Guwahati (relevant paragraph 12.1) (Annexure B) 3) Copy of the order dated 10th February, 2021 passed by the Hon ble National Company Law Tribunal Guwahati in I.A. no. 32 of 2020 wherein all the claims and demands of the Income Tax department raised on Assam Company India Limited prior to the period of approval of the resolution plan i.e. 20th September, 2018 are extinguished and/or waived. The Hon ble Tribunal also held that since the Respondents did not filed any claims for the period from 1986-87 except 2013-14 and 2014-15 before the Resolution Professional / befo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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