Income tax proceedings against company in Liquidation/dissolved ...
Case Laws Income Tax
May 15, 2024
Income tax proceedings against company in Liquidation/dissolved The Tribunal noted that once a resolution plan is duly approved by the Adjudicating Authority under section 31 of the Code, the claims provided in the resolution plan shall stand frozen and will be binding on the Corporate Debtor and its stakeholders. The Tribunal observed that the continuance of pending proceedings is prohibited once proceedings have commenced under the Code. Upon approval of the resolution plan, all claims not part of the plan shall stand extinguished. The Tribunal concluded that as the claims subject to appeal were not part of the resolution plan, the appeals lacked merit. Therefore, the appeals were dismissed.
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