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2023 (5) TMI 381 - AT - Central ExciseDisallowance of availment of cenvat credit of service tax - Corporate Insolvency Resolution Process (CIRP) was initiated in respect of the appellant under the provisions of the Insolvency and Bankruptcy Code, 2016 - It is submitted by the Ld. Counsel that in view of the order passed by the NCLT, the Resolution Plan may be taken into consideration and the appeal may be disposed accordingly. HELD THAT:- NCLT passed the following order: (i) Maximum of Rs.25 crores or the liquidation value allocable towards the statutory dues, whichever is higher, is proposed to be made towards claims by Government Authorities. (ii) All claims or liabilities etc owed to any Government Authority by the Corporate Debtor, in relation to any period prior to the Effective Date or on acquisition of control of the Corporate Debtor by the Resolution Applicant through the SPV proposed to stand extinguished upon the receipt of the said amount towards statutory dues pursuant to the approval of the resolution plan by the Hon’ble NCLT. In view of the order passed by the NCLT, the appeal filed by the appellant viz. Ruchi Soya Industries Limited is disposed of accordingly.
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