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TMI Blog2024 (10) TMI 984X X X X Extracts X X X X X X X X Extracts X X X X ..... to pay any outstanding tax dues to the Gram Panchayat pertaining to the period prior to its acquisition of the assets of the corporate debtor, Gupta Global Resources Private Limited, under the IBC-2016. 2. We have heard Mr. Aniket Dabadgao along with Mr. Chaitanya Dhruv learned counsel for the petitioner and Mr. Bhupesh Patil, learned counsel for the respondent. By consent of the respective counsel, the writ petition is taken up for final hearing at the stage of admission and hence we issue Rule, making it returnable forthwith. 3. We have prepared a distillate of the facts placed before us through the petition and the arguments of the respective learned counsel, since the petitioner has disputed the liability to pay the tax dues sought to be recovered by the respondent Gram Panchayat and the bare minimum facts are culled out as below: (a) Gupta Global Resources Private Limited availed various credit facilities from the banks/financial institutions. However, since it was unable to repay the credit facilities, an application was filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 (referred to as 'IBC' for the sake of convenience and brevity) before the Na ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction on as is where is basis and the Liquidator called for sale of set of assets collectively on slump sale basis through public announcement on 15.05.2019. (h) During the auction held on 03.06.2019, the petitioner placed the highest bid and emerged as the successful bidder. The Liquidator issued a letter of intent in favour of the petitioner and called upon it to deposit amount towards sale consideration and pursuant thereto, the sale certificate was issued in favour of the petitioner on 31.08.2019. 4. It is in the above facts, the petitioner has pleaded that the property in question upon which the respondent has sought to impose and recover purported tax, more particularly described in Schedule 6 of the Sale Certificate executed by the Liquidator in favour of the petitioner, it was specifically expressed in Clause 6, that the sale and transfer of the assets of Gupta Global Resources Private Limited, including the washery, shall remain free from all encumbrances and shall be free from payment of any levies, taxes or dues levied on the assets of Gupta Global Resources Private Limited. It is the case of the petitioner that after execution of the Sale Certificate, it acquired ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Certificate dated 31.08.2019. During the entire acquisition process, no claim or liability pertaining to the purported tax dues owed to the respondent under the Maharashtra Village Panchayat Act 1959 as indicated in the demand notice or any other dues were brought in the approved resolution plan or liquidation proceedings by sale of assets and the petitioner was completely unaware of such dues. However, only after the sale and acquisition of the assets on 25.09.2021, the petitioner received a notice from the respondent seeking to recover an amount of Rs. 36,25,400/- (Rs. Thirty Six Lakhs Twenty Five Thousand and Four Hundred) towards tax dues under the Maharashtra Village Panchayat Act, 1959 for the period from 2013-14 to 2021-22. It is the specific case of the petitioner that this demand is affecting the rights of the petitioner which it had acquired during the liquidation process undertaken under the IBC-2016 and when the respondent has failed to lodge its claim before the Liquidator, the petitioner is not duty bound to satisfy the demand as regards the tax payable before acquisition of the assets by the petitioner. It is the specific case of the petitioner that the responde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... claim, even if it existed. In the Scheme of the IBC-2016, Section 18 stipulates that the interim resolution professional shall receive and collate all claims submitted by the creditors pursuant to the public announcement. Section 15 contemplates that the public announcement shall require submission of claim before the IRP within a period of 14 days and in the present case, though the IRP issued public notice on 10.10.2017, despite being an operational creditor, to whom taxes were due and payable under the Maharashtra Village Panchayat Act, 1959, the respondent-Gram Panchyat failed to submit any claim, regarding such outstanding dues within the stipulated period. Thereafter when the corporate debtor went into liquidation, Section 38 made it imperative for the Liquidator to consolidate the claims and issue public announcement for submission of the claim within 30 days. The Liquidator also gave/issued public notice on 30.08.2018 requiring the claims to be submitted but the respondent failed to raise any claim even at this time before the Liquidator. The liquidation process moved ahead and the petitioner acquired the assets, in due process and now the respondent want to stake its cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a thread bare interpretation and in particular Section 31 before and after its amendment by Act No. 26 of 2019, by categorically concluding that once the resolution plan is duly approved by the adjudicating authority under sub-section (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, State Government or any local authority, guarantors and other stakeholders. In clear terms the verdict record that on the date of approval of the resolution plan by the adjudicating authority, all such claims, which are not part of resolution plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect of a claim, which is not part of the resolution plan. 11. One of the dominant object of the IBC is to see to it that an attempt is made to revive the corporate debtor and make it a running concern and since it contemplate that the resolution applicant has to prepare a resolution plan on the basis of the information, memorandum and which is expected to provide for the payment of insolvency resolution pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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