9911796707
TMI Blog2025 (1) TMI 671X X X X Extracts X X X X X X X X Extracts X X X X ..... of Service Tax-IV [ 2023 (5) TMI 767 - CESTAT MUMBAI ] and Hyderabad Bench in the case of Icomm Tele Ltd. vs. Commissioner of Central Tax, Puducherry [ 2023 (10) TMI 1344 - CESTAT HYDERABAD ]. It is pertinent to refer the findings of Mumbai Bench of the Tribunal in the case of M/s Jet Airways (India) Limited which was disposed of vide its order [ 2023 (5) TMI 767 - CESTAT MUMBAI ] and 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. Conclusion - 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Bankruptcy Code, 2016 (IBC) for the alleged default on the part of the Corporate Debtor. The NCLT, New Delhi vide order dated 12.10.2021 admitted the petition and appointed the IRP to carry out the CIRP. Finally, the NCLT has approved the Resolution Plan in Company s Petition No. (IB)/3173/ND/2019. Further, he submits that once the Resolution Plan has been approved, the present appeal needs to be abated in view of the law laid down by the Hon ble Supreme Court in the case of Ghanashyam Mishra Sons Pvt Ltd vs. Edelweiss Asset Reconstruction Company Ltd Ors in Civil Appeal No. 8129 of 2019. 4. After considering the submissions made by the learned Authorized Representative for the department and perusal of the Resolution Plan, we find that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Code, 2016 (herein after referred to as I B Code )? (ii) As to whether the amendment to Section 31 by Section 7 of Act 26 of 2019 is clarificatory/ declaratory or substantive in nature? (iii) As to whether after approval of resolution 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... process has been initiated. Once the Resolution plan is approved by NCLT, no demands can be raised on the Resolution Applicant. The relevant paragraph of said instructions is extracted below: C.B.I. C. Circular No. 1083/04/2022-CX.9 F. 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 inf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... subject matter of the present proceedings was not lodged by the respondent No. 2 after public announcements were issued under Sections 13 and 15 of the IBC. As such, on the date on which the Resolution Plan was approved by the Learned 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 pla ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
