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TMI Blog2019 (2) TMI 146X X X X Extracts X X X X X X X X Extracts X X X X ..... pany Ltd.', one of the Financial Creditor has challenged judgment dated 24th July, 2018 passed by the Adjudicating Authority (National Company Law Tribunal), Allahabad Bench whereby and whereunder the resolution plan submitted by the 3rd Respondent - 'Rajasthan Liquor Ltd.' has not been accepted by the Adjudicating Authority with following observations:- "By approving the Resolution Plan, we cannot allow exemption of any liability arising in respect of income tax. By approved resolution plan, the corporate debtor SOPL is merging with RLL. Therefore, any statutory liabilities of the transferor company shall be liability of the transferee company. Since income tax department is not party at this stage, therefore without hearing the departme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the Resolution Professional, Corporate Debtor i.e. SOPL, the Resolution Applicant i.e. RLL immediately after compliance of requisite formalities, further order may also be communicated to them by email. It is further directed to the Designated Registrar to send the copy of this order to the IBBI and the Secretary, Ministry of Corporate Affairs & Central Government through Regional Director by email for consideration on the issues which have been pointed out by us in the body of this order, so that the related party of the corporate debtor cannot misuse the provisions of Sec 53 of the Insolvency and Bankruptcy Code, 2016 to defraud their creditors. List the matter on 31st July, 2018 for further consideration." 2. The appeal was prefe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee of Creditors in its turn will consider the viability, feasibility and financial matrix of the modified resolution plan submitted by the 3rd Respondent - 'Rajasthan Liquor Ltd' and vote accordingly. While exercising voting share, the Committee of Creditors shall keep in mind that the earlier resolution plan was approved by them. 7. Resolution Professional thereafter will place the matter before the Adjudicating Authority for order under Section 31 of the I&B Code. This total exercise to be completed by 15th January, 2019. 8. The period of the pendency of the case from 26th July, 2018 till today (i.e. 4th December, 2018) is excluded for counting period of 270 days. The appeal stands disposed of with aforesaid observations and directions. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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