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2023 (8) TMI 487 - HC - Insolvency and BankruptcyValidity of impugned assessment orders, assessment notices and demand notice - resolution plan is in place - case of petitioner is that in terms of the Resolution Plan, the claims of all the creditors including statutory operational creditors would stand extinguished and discharged upon the payment of the resolution plan - HELD THAT:- It is apparent that the issue is decided by the Supreme Court in the case of GHANASHYAM MISHRA AND SONS PRIVATE LIMITED THROUGH THE AUTHORIZED SIGNATORY VERSUS EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED THROUGH THE DIRECTOR & ORS. [2021 (4) TMI 613 - SUPREME COURT]. The Supreme Court in the aforesaid case held that based on the provisions of the IBC, the Resolution Plan would be binding on all stakeholders after getting its seal of approval and therefore no surprise claims should be flung on the successful resolution applicant as the dominant purpose is to start with with a fresh slate. The operational creditors or the “other stakeholders” squarely cover the Central Government, any State Government or any local authorities, including tax authorities. As per the position of law declared in the case of Ghanshyam Mishra, in case of all such debts owed to the Central Government, any State Government or any local authority including tax authority, once a resolution plan is approved all such claims etc which were not a part of the resolution process shall stand extinguished. The impugned assessment orders, assessment notices and demand notices dated 14.2.2019, 16.2.2019, 20.07.2020, 18.07.2020 and orders dated 22.1.2021 are quashed and set aside - petition allowed.
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