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TMI Blog2020 (12) TMI 803X X X X Extracts X X X X X X X X Extracts X X X X ..... tion Applicant will be successfully completing the Resolution Plan whether Resolution Applicant gets set off under Income Tax or not. It is also found from the records that in compliance with the said order, the Resolution Applicant has filed the Affidavit before this Tribunal, which was taken on record on 09.09.2020. This Tribunal finds that the reliefs sought by the applicant in this Application are not within the scope of directions issued by the Hon ble NCLAT, which requires the compliance of this Tribunal, as the Resolution Applicant has filed the affidavit as per the directions of the Hon ble NCLAT. It is presumed that the issue involved in the MA has already been raised before the Hon ble NCLAT and the same was rejected by the Hon ble NCLAT. Hence, the applicant is barred from filing any further application for the same cause of action, as it will hit by res judicata. Application dismissed. - MA/ 114/ KOB/2020 In MA/ 515/ 2019, In Company Appeal (AT) (Ins) No. 315 of 2019 In CP (IB) No.689 of 2017 - - - Dated:- 4-12-2020 - Hon ble Mr. Ashok Kumar Borah , Member ( Judicial ) For the Applicant : Mr. N.R.Krishnan Unni, PCS For the Respondents : Mr.Vinod PV, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e being in force within a period of one year from the date of approval of the Resolution Plan by the by Adjudicating Authority under Sub-section (1) or within such period as provided for in such law, whichever is later. 19. The order of Moratorium dated 15.01.2018 passed by this Adjudicating Authority under Section 14 of the I B Code, 2016 shall ceased to have effect from the date of passing this Order. 20. The Resolution Professional shall forward all record relating to the conduct of the CIRP and the Resolution Plan' to the IBBI, so that the Board may record the same on its data-base. 21. The approved Resolution Plan shall become effective from the date of passing of this Order. 3. Challenging the above order, the Appeal No. CA (AT) Ins No. 315 of 2019 been filed before the Hon ble NCLAT. The Hon ble NCLAT partly allowed the appeal vide its order dated 29.07.2020 and directed the Adjudicating Authority (NCLT, Kochi Bench) to ensure compliance of its Order. 4. The learned counsel representing the Respondent No.1 in its counter opposed this M.A and stated that the application filed by the applicant is not maintainable in law as the reliefs sought by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal. The grey area in this case is that the setting up off losses under Income Tax Act, 1961 is subject to scrutiny by the Income Tax Department and IBC 2016 lays down that the Resolution Plan should be in compliance with the law laid down. Hence, there is a need for getting an affidavit from the Resolution Applicant that he will be successfully completing the Resolution Plan whether he gets this set off under Income Tax Act or not..xxx A reading of the said paragraph would reveal that the claim of the applicant has not been directed to be considered at all. It is also stated that it is not understood the basis on which the claim is made by the applicant for discharge of personal guarantee and that this application is filed as per the directions of NCLAT. 8. The Respondent No.3 in its counter stated that the present Application filed by the ex-Promoter of the Corporate Debtor is a prime example of forum shopping and misleading the Court, where the Applicant is re-agitating the issues/claims/grounds already raised by the Applicant and rejected by the Hon'ble NCLAT. The present Application is an abuse of the process of law, as it is mala-fide, frivolous, contemptuous, mi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been understand that the Resolution Plan have been implemented by 18.03.2019 and a lot of time has lapsed in getting final approval and landing into appeals before this Appellate Tribunal. The grey area in this case is that the setting up off losses under Income Tax Act, 1961 is subject to scrutiny by the Income Tax Department and IBC 2016 lays down that the Resolution Plan should be in compliance with the law laid down. Hence, there is a need for getting an affidavit from the Resolution Applicant that he will be successfully completing the Resolution Plan whether he gets this set off under Income Tax Act or not 8 ...However, CA (AT) Ins No. 307 of2019 and CA(AT) Ins No.315 of2019 are partly allowed as indicated above. From a reading of the operative part of the above order in Para 7, it is clear that it is limited to only two aspects- (i) payment of license fee, and (ii) issue of setting up off losses in relation to Income Tax and that it is clear that all the claims and contentions raised by the applicant herein in the above-mentioned Appeals were rejected and the only argument allowed was that the Resolution Plan should be in compliance with the law of the land. It w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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