TMI Blog2021 (1) TMI 1058X X X X Extracts X X X X X X X X Extracts X X X X ..... Resolution Applicant / the Petitioner is hereby directed to strictly implement the Resolution Plan as approved in time without any violation. (3) The Petitioner is further directed to file a compliance report within 15 days of this order before the Registry stating that the Company has been paying all current statutory dues especially EPF, Income Tax, GST, CGST etc. in time. - IA No.19 of 2020 IN IA No.67 of 2019 IN IA No.58 of 2019 IN C.P. (IB) No.20/GB/2017 - - - Dated:- 20-1-2021 - Shri H. V. Subba Rao, Member (J) and Shri Prasanta Kumar Mohanty, Member (T) ORDER The Applicant [Corporate Debtor] herein, Assam Company India Ltd. has filed this IA No.19 of 2020 praying for the following reliefs:- (i) The demand of the Respondent of ₹ 7,22,23,736/- should be extinguished. (ii) Any other demand prior to 20th September, 2018 should be extinguished. (iii) Ad-interim order in terms of prayers above. 2. The brief facts of the case are that a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016), same being CP (IB) No.20/GB/2017 was filed before this Bench by the FC SREI Infrastructure Ltd. against the CD, As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... creditors with respect to any claims (as defined under the Code) relating in any manner to the period prior to the Effective Date. Any such liability shall be deemed to be owed and due as of the Insolvency Commencement Date, the liquidation value of which is NIL and therefore no amount is payable in relation thereto. All such liabilities shall immediately, irrevocably and unconditionally stand fully and finally discharged and settled with there being no further claims whatsoever, and all forms of security created or suffered to exist, or rights to create such a security, to secure any obligations towards Operational Creditors and other creditors shall immediately, irrevocably and unconditionally stand released and discharged, and the Operational Creditors and other creditors shall waive all rights to invoke or enforce the same. 12.1.2 In accordance with the forgoing all claims (whether final or contingent, whether disputed or undisputed and whether or not notified to or claimed against ACIL) of all Government Authorities (including in relation to Taxes, and all other dues and statutory payments to any Government Authority) relating to the period prior to the Effective Date, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ional Creditors are also pending. (d) It is further submitted that under the Finance Act, 1994 read with Central Goods and Services Tax Act, 2017, the respondent cannot extinguish disputed claims, which has attained finality, since the cases based on which claims have been made were not set aside and/or quashed by the appropriate authority following due process of law. (e) It is also submitted that Section 157 and Section 174 of CGST Act envisages that no suit, prosecution or other legal proceedings shall lie against any officers appointed or authorized under this Act for anything which is done or intended to be done in good faith under this Act or the rules made thereunder. (f) That further it is submitted that in regard to one of the cases for which Government revalue became due, has been entirely paid by the applicant / RP during CIRP period bringing 0-in-0 under No.40/Coomr/ST/Kol/200-2010 dated 12.01.2010. Had there been any irregularity and / or ground for setting aside such order, the Applicant could have abstained from paying up the dues. However, there are 3 (three) other cases, for which the Applicant has remained silent during pre-CIRP period and also duri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and submitted by the stakeholders and after proper verification. Therefore, it is the fault of the Respondents not to have submitted its claims before the Resolution Professional within the stipulated time. It is also denied that any deferred payment is pending towards the Respondents and that the office of the Respondent cannot distinguish the disputed claims or the claims which has attained its finality or the claims or the claims which are made were not set aside or quashed by the appropriate authority as alleged and it is submitted that Section 238 of IBC has an overriding provisions of all the acts and provisions of law. Therefore, Section 238 of IBC will over rule the provisions section 157 AND section 174 OF Central Goods and Services Tax Act, 2017. It is denied that the applicant shall proceed or avail or put forward for settling disputes of the case before the appropriate authorities in the joint meeting for negation or settlement or all claims as alleged. 10. Further, the applicant denied that it is a practice of the Resolution Professional to inform the concerned department about the initiation of CIRP and submitted that necessary paper publications were made by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its reply. 14. We have heard the counsels of both the parties and perused the materials available on record. It is observed that (a) The Application filed under section 7 of IBC was admitted and CIRP Process started on 26/10/2017. (b) Necessary paper publication was made as per provisions of IBC asking the stakeholders to submit their claims within stipulated time. (c) The Resolution Plan has been approved on 20.09.2018. (d) The Resolution Professional has not received any claims from the Respondent during the period of CIRP / within the stipulated time. (e) The Resolution Applicant is implementing the Resolution Plan as approved. (f) 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. (g) The Respondent here Asst. Commissioner, Central Tax, CGST etc. has filed Form B on 10.09.2020 before the Resolution Professional of Assam Company India Ltd. claiming ₹ 12.24,29,371.00 (Rupees Twelve crores Twenty Four lacs Twenty Nine thousand Three hundred Seventy One only) which i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
