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TMI Blog2024 (10) TMI 1156X X X X Extracts X X X X X X X X Extracts X X X X ..... ed and admitted in the proceedings before NCLT after consideration of the claim filed by the Additional Commissioner of Income Tax, Rajkot. As relying on case of Ghanashyam Mishra [ 2021 (4) TMI 613 - SUPREME COURT ] no person would be entitled to initiate or continue any proceedings in respect of any claim for any dues relating to the period prior to approval of resolution plan. In view of approval of resolution plan, all liabilities of all stakeholders including that of Government/ Statutory Authority shall stand extinguished after approval of the resolution plan. We therefore, deem it appropriate to quash and set aside the notice u/s 263 of the Act. WP allowed. - HONOURABLE MR. JUSTICE BHARGAV D. KARIA AND HONOURABLE MRS. JUSTICE MAUNA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated pursuant to an application made by Bank of India before National Company Law Tribunal, Ahmedabad Bench (for short the NCLT ). 4.3. The NCLT thereafter appointed Interim Resolution Professional and claims were invited from various creditors of the petitioner and in response to the proceedings initiated before NCLT, among other claims, the Interim Resolution Professional received the claim of Rs.1,26,80,855/- from Deputy Commissioner of Income Tax Rajkot which was verified and admitted. The Deputy Commissioner of Income Tax was thus classified as an Operational Creditor in accordance with the provisions of the Code. It is case of the petitioner that this is the only claim received from the income Tax Department pursuant to the public ann ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that the decision relied upon by the petitioner in case of Ghanashyam Mishra (Supra) is with regard to extinguishment of the claim after approval of resolution plan by NCLT as in the present case, the proceedings under Section 263 of the Act has been initiated and this being not the recovery proceedings, the decision would not be applicable. 7. Considering the submissions made on behalf of both the sides and upon perusal of the record, it is noticed that pursuant to insolvency proceedings initiated under the Code, a resolution plan dated 14.10.2021 was approved by the Tribunal under Section 30 (6) of the Code. It is also on record that the claim which was lodged by the Deputy Commissioner of Income Tax, Rajkot was verified and admitted in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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