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TMI Blog2021 (8) TMI 390X X X X Extracts X X X X X X X X Extracts X X X X ..... ation Insolvency Resolution Process (CIRP) against the Applicant under Section 14 of IBC, 2016. In the said order this Hon'ble Tribunal also appointed an Interim Resolution Professional (IRP) for collating the claims of the Applicant. Copy of the orders dated 26th October, 2017 along with the Corrigendum dated 2nd November, 2017 are enclosed herewith and marked as Annexure A. 2. During the Corporate Insolvency Resolution Process the Respondent did not file its claim with the IRP. Thereafter, the IRP was replaced by the Resolution Professional who floated the Expression of Interest for inviting the potential Resolution Applicants to submit their Resolutions Plans. 3. The Resolution Plan was submitted by the Resolution Applicant being B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esolution Plan out of which Rs. 18.93 Crores has been paid to the Operational Creditors. The said letter requested to extinguish all the disputed and undisputed claims against the Applicant relating to the period prior to the effective date i.e. 20th September 2018 in terms of the approved Resolution Plan. Copy of the letter dated 11th March, 2019 is enclosed herewith and marked as Annexure E. 7. However, the Respondent No. 1 failed to give any reply to the letter dated 11th March 2019 sent by the Applicant. 8. It is pertinent to mention here that the Respondent No. 2 passed two orders of assessment dated 4th July, 2015 under Section 19 (B) of the Income Tax Act, 1961 and directed the Applicant to pay an amount of Rs. 9.29 Crore and Rs. 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the orders dated 3rd February, 2016 and 4th March, 2016 passed by the Hon'ble High Court Gauhati is enclosed herewith and collectively marked as Annexure G. 10. It is submitted that till date no claim has been filed by the Respondents before this Hon'ble Tribunal for settlement of any of its dues. 11. It is further submitted that the Agriculture income Tax amounting to Rs. 13,74,80,376/- should be extinguished. The Computation of the demand of the Respondent made in tabular form is enclosed herewith and marked as Annexure H. 12. Under the circumstances the Applicant prays for necessary orders and/or directions by this Hon'ble Tribunal. 13. The balance of convenience is also in favour of the Applicant and in favour of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ;OC'. The Hon'ble Supreme Court in Para 95 of the said judgment held as under: ".... 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. On the date of approval of resolution plan by the Adjudicating Authority, all such claims, which are not a part of resolution plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim, which is not part of the resolu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution applicant knows exactly what has to be paid in order that it may then take over and run the business of the corporate debtor. This the successful resolution applicant does on a fresh slate, as has been pointed out by us hereinabove. For these reasons, the NCLAT judgment must also be set aside on this count...." OBSERVATIONS 17. It is observed that (1) Recently the Hon'ble Supreme Court in the case titled as "Ghanashyam Mishra and Sons Private Limited through the Authorised Signatory Vs. Edelweiss Asset Reconstruction Company Limited through the Director & Ors' Civil Appeal No. 8129 of 2019 (delivered on 13.04.2021) reaffirmed the settled position of law that once the Resolution Plan is approved by this Hon'ble Adjudica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s for the reason that this provision ensures that the successful resolution applicant starts running the business of the corporate debtor on a fresh slate as it were............" ORDER 18. Considering the (a) papers/documents made available before this Bench, (b) the observations made in Para 16 (1) above and the Judgment of the Hon'ble Supreme Court in the cases of "the Committee of Creditors of Essar Steels India Ltd. Vs. Satish Kumar Gupta and others and "Ghanashyam Mishra and Sons Private Limited through the Authorised Signatory Vs. Edelweiss Asset Reconstruction Company Limited through the Director & Ors' Civil Appeal No. 8129 of 2019 delivered on 13.04.2021, the prayer made in the present IA No. 17 of 2021 is accepted that t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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