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2019 (10) TMI 53 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHIApproval of Resolution Plan - ‘Operational Debt’ within the meaning of Section 5(21) of I&B Code or not? - HELD THAT:- The part of the impugned order passed by the Adjudicating Authority, relating to waiver of Income Tax is without jurisdiction. The debt of the Central Government or the State Government arising out of the existing law being ‘Operational Debt’, the question of asking for waiver does not arise as per the ‘Resolution Applicant’ to decide how much to be paid to the Central Government or the State Government against the ‘Operational Debt’ (Income Tax or G.S.T or any other statutory debt), which should not be less than the amount to be paid to the ‘Operational Creditors’ in the event of a liquidation of the ‘Corporate Debtor’ under Section 53. The part of the impugned order dated 14th September, 2018 is set aside - rest part of the impugned order approving the ‘Resolution Plan’ is upheld - appeal allowed in part.
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