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2024 (5) TMI 42 - TELANGANA HIGH COURTExtinguishment of liability as per order of NCLT - challenge to order issued u/s 73 of the SGST/CGST Act 2017 - extinguishment of liability which was acquired on account of auction purchase - HELD THAT:- It would now be relevant to take note of the decision of the Hon’ble 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], where it was held that once a resolution plan is duly approved by the Adjudicating Authority under subsection (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the Corporate Debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority, guarantors and other stakeholders. There are no hesitation in holding that the order under Section 73 (Annexure P1) issued by respondent No. 1 in the three writ petitions is totally without jurisdiction and the same therefore deserves to be and are accordingly set aside/quashed. The writ petitions are allowed.
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