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2023 (6) TMI 1281 - ITAT DELHIIncome tax demands post approval of resolution plan - treatment to remaining demands and liabilities consequent to the NCLT approved Resolution Plan - HELD THAT:- As decided in Ghanshyam Mishra & Sons Pvt. Ltd. Vs. Edelweiss Asset Reconstruction Company Ltd.[2021 (4) TMI 613 - SUPREME COURT] NCLT order approving the Resolution Plan is binding upon the Central Government including the statutory authorities like the Income-tax Department and all claims pertaining to the period prior to the date of order of NCLT stand extinguished. Thus statutory demands of the Revenue stand extinguished consequent to approval of Resolution Plan and vesting of the Management of the company in the hands of Successful Resolution Applicant. The provision of subsection (1) of Section 31 of the IBC and judgment of Hon’ble Supreme Court relied upon by the learned AR leave no doubt that all the claims of Revenue for the period prior to institution of CIRP stand extinguished. Moreover, in the case in hand even demands of Department have been considered, adjudicated and payments have been made to the Income-tax Department consequent to the Resolution Plan. Consequently, appeals of Revenue are left with no merit and the same are dismissed.
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