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2021 (9) TMI 328 - AT - Income TaxOverriding nature and supremacy of the provision of IBC, 2016 - income Tax, Sales Tax/VAT/GST, Excise, Entry Tax, Municipality, Land Due, Water Department Dues etc. by way of Taxes, Fees, Penalties, penal Interest, Damages, TDS, VAT, GST etc. over and above the Amount stated in the Resolution Plan - Liabilities accrued/due under Statutory Dues - Liabilities/Litigations/Disputes/Appeals with Income Tax Dept - Approval by NCLT for all Statutory Dues accrued or may get accrued due to Past Liabilities as on insolvency commencement date - HELD THAT:- As the resolution plan filed by the corporate debtors which has been approved by the COC has been accepted by the NCLT under the provision of section 31(1) of the Insolvency & Bankruptcy Code, 2016 (hereinafter referred to as “IBC, 2016”). We note that this order is binding on the corporate debtor, its employees, members, creditors, guarantors and other stakeholders involved in the Resolution Plan. AR submits that the order of NCLT is binding on the Income Tax Department and the Hon’ble Apex Court in the case of PCIT Vs. Monnet Ispat & Energy Ltd. [2018 (8) TMI 1775 - SC ORDER] opined the overriding nature and supremacy of the provision of IBC, 2016. In view of the aforesaid Resolution Plan approved by the NCLT, we note that this appeal filed by the revenue cannot be further pursued by them and, therefore, the appeals have to be dismissed.
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