2025 (2) TMI 497

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..... to and manage affairs of the corporate debtor from date of approval of the resolution plan. Petitioner cannot claim to have paid tax on assessment made for assessment year 2010-11. Refund in respect of that assessment year cannot be due to petitioners, who stepped into shoes of management of the corporate debtors on and from 7th November, 2017 and proceeded to revive it per the approved resolution plan. Petitioners having assailed the adjustment made by filing the writ petition, cannot still rely on alleged omission to notice them on the adjustment.
HON'BLE MR. JUSTICE ARINDAM SINHA, ACTING CHIEF JUSTICE AND HON'BLE MR. JUSTICE M.S.SAHOO Advocates appeared in this case: For the Petitioners : Mr. Sidharth Ray, Sr. Advocate. .....

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..... s on judgment of the Supreme Court in Ghanashyam Mishra and Sons (P) Ltd. v. Edelweiss Asset Reconstruction Company Limited, reported in (2021) 9 SCC 657, paragraph- 102.1. The paragraph is reproduced below. "102.1. That once a 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, any State Government or any local authority, guarantors and other stakeholders. On the date of approval of resolution plan by the adjudicating authority, all such claims, which are not a part of resolution plan, shall stand extinguished a .....

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..... n 31(1). 7. It appears from the appeal effect order, relevant assessment year was 2010-11, in respect of which there was refund of Rs. 6,00,71,354/-. This amount, revenue has adjusted. Old income tax dues, taken into consideration in the resolution process, thereby stands reduced by the refund amount. It is not necessary for us to go into working of manner of liquidation of the old dues approved in the resolution process. As aforesaid, adjustment of the refund pertaining to assessment year 2010-11, an assessment within the period giving rise to old tax dues in balance sheet of the corporate debtor, considered in the resolution process and approved, thus has effect of reducing said dues by the adjustment made. 8. Even otherwise we reject p .....

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