The Insolvency and Bankruptcy Code, 2016 (IBC) has overriding ...

IBC trumps other laws; pending appeals dismissed post NCLT Resolution Plan approval.

Case Laws Income Tax

October 21, 2024

The Insolvency and Bankruptcy Code, 2016 (IBC) has overriding effects over other laws as per Section 238. After approval of the Resolution Plan by NCLT, pending appellate proceedings cannot continue and are liable to be dismissed as infructuous and violative of IBC provisions. This aligns with judicial pronouncements wherein after NCLT approval u/s 13(6) of IBC, the Assessing Officer lacks jurisdiction to reopen assessments. Post Resolution Plan approval, all proceedings against the Corporate Debtor are barred, and only claims as per the plan can be recovered. The Successful Resolution Applicant is entitled to pursue actionable claims favoring the Corporate Debtor after plan approval. Consequently, the assessee's appeal cannot continue and is dismissed as infructuous.

View Source

← Previous Next →

The Insolvency and Bankruptcy Code, 2016 (IBC) has overriding ...

IBC trumps other laws; pending appeals dismissed post NCLT Resolution Plan approval.

Case Laws Income Tax

October 21, 2024

You may also like:

The case involves an appeal before CESTAT regarding continuation post Corporate Insolvency Resolution Process (CIRP) under IBC, 2016. NCLT approved a Resolution Plan...

Challenge to an interim arbitral award u/s 31(6) of the Arbitration and Conciliation Act, 1996. The key issues are: (1) whether the rejection of an application u/s 16...

Withdrawal/modification of approved Resolution Plan - Section 31(1) of IBC - The Supreme Court addressed cross-appeals concerning the approval of a resolution plan under...

The High Court addressed the validity of an assessment against a company that had been dissolved. The court ruled that demand/penalty notices issued post-approval of the...

CESTAT (Appellate Tribunal) addressed whether appeals continue post initiation of Corporate Insolvency Resolution Process (CIRP) and approval of Resolution plan u/s...

Corporate guarantee not discharged by approval of resolution plan for principal borrower under IBC. Supreme Court judgments in Lalit Kumar Jain, Maitreya Doshi, and Ajay...

The case pertains to the extinguishment of claims under the Insolvency and Bankruptcy Code (IBC) against Ruchi Soya Industries Limited, after the acceptance of the...

Immunity to corporate debtors and their assets, upon approval of a resolution plan - jurisdiction of NCLT to release the attached properties by invoking Section 32A of...

The Appellate Tribunal dismissed the appeal, holding that there was no infirmity in the Adjudicating Authority's order rejecting the application to set aside the...

No reduction in approval of resolution plans after enactment of IBC (Amendment) Ordinance 2017

Approval of Resolution Plan - The Tribunal found the resolution plan’s treatment of operational creditors contrary to Section 30(2)(b) of the IBC, as operational...

Approval of Resolution Plan - Fresh claim - When the Resolution Plan has already been approved by the CoC and it is pending before the Adjudicating Authority for...

The appeals challenged the approval of Sarda Energy and Minerals Ltd.'s Resolution Plan, alleging material irregularities by the Resolution Professional (RP) and...

The High Court examined the issue of liability to clear statutory dues post-insolvency proceedings under the Insolvency and Bankruptcy Code 2016. The resolution plan...

Seeking abatement of appeal - CIRP - from the date of approval of the resolution plan by the NCLT, the appeal filed by the applicant has abated and CESTAT has become...

Quick Updates: