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2021 (4) TMI 624 - Tri - Insolvency and BankruptcySeeking extinguishing of demand towards Central Sales Tax and VAT - Extinguishing of demand prior to 20th September, 2018 - HELD THAT:- In the approved Resolution Plan, it was clearly stated that barring aside the claims admitted and forming part of the Resolution Plan any other claim and/or demand prior to the effective date shall stand extinguished. The Hon’ble Supreme Court of India in the matter of COMMITTEE OF CREDITORS OF ESSAR STEEL INDIA LIMITED THROUGH AUTHORISED SIGNATORY VERSUS SATISH KUMAR GUPTA & OTHERS [2019 (11) TMI 731 - SUPREME COURT] upholding the constitutional validity of the Insolvency and Bankruptcy Code (Amendment) Act, 2019 has held that Ultimately it is the commercial wisdom of the requisite majority of the CoC that must prevail on the facts of any given case, which include distribution of assets. It is, therefore, not possible that the AA and consequently the NCLAT would be vested with the discretion that it vested in the CoC. Since the Respondents have not filed their claims relating to the earlier period till the date of approval of the Resolution Plan before the Resolution Professional during the CIRP period/ before the approval of the Resolution Plan, the claims of the Respondents, if it is filed now or in future, is not to be entertained by the Resolution Applicant / Corporate Debtor - application disposed off.
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