Tax Authority's Pre-Resolution Period Refund Adjustment Valid; Resolution Applicant Cannot Claim AY 2010-11 Tax Returns

HC affirmed tax authority's adjustment of AY 2010-11 refund against pre-existing tax liabilities of corporate debtor. Resolution applicant's claim to refund rejected on dual grounds: first, the adjustment effectively reduced tax dues already considered in approved resolution plan; second, resolution applicant's rights commenced only from plan approval date (November 7, 2017), precluding claims to pre-resolution period tax refunds. Court determined resolution applicant could not assert rights over tax assessments and resultant refunds from AY 2010-11, as these predated their assumption of corporate debtor's management. Challenge to adjustment procedure dismissed despite notice argument. .....

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