TMI Blog2022 (2) TMI 754X X X X Extracts X X X X X X X X Extracts X X X X ..... e stood abated with the passing of the order passed by the NCLT ? - HELD THAT:-The aforesaid question is now no longer res integra in view of the recent pronouncement of the Supreme Court in the case of Ghanshyam Mishra and Sons Private Limited vs. Edelweiss Asset Reconstructions Company Limited [ 2021 (4) TMI 613 - SUPREME COURT] wherein the Supreme Court took the view that the 2019 amendment to Section 31 of the I B Code is clarificatory and declaratory in nature and therefore will have a retrospective operation. If the Revenue is dissatisfied in any manner with the sanctioning of the Resolution Plan by the NCLT, then liberty may be reserved in favur of the Revenue to prefer an appeal under Section 61 of the Code, 2016 before the NC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s been brought to our notice is that pending Tax Appeal referred to above could be said to have abated and become infructuous in view of the order dated 1st January 2021 (approval order) passed in the I.A. No.661 of 2020 with the I.A. No.759 of 2020 (approval application) in the C.P. (I.B.) No.453 of 2018 (Insolvency Petition) by the National Company Law Tribunal, Ahmedabad Bench ( NCLT ) approving the Resolution Plan (second revised Resolution Plan) dated 19th September 2020 including the addendum dated 19th September 2020 of the MCPI Private Limited (Successful Resolution Applicant) in exercise of its powers under Section 31(1) of the Insolvency and Bankruptcy Code, 2016 (for short, the Code ) for the Insolvency Resolution of the corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... abated with the passing of the order passed by the NCLT referred to above. 8 The aforesaid question is now no longer res integra in view of the recent pronouncement of the Supreme Court in the case of Ghanshyam Mishra and Sons Private Limited vs. Edelweiss Asset Reconstructions Company Limited reported in (2021) 9 SCC 657 , wherein the Supreme Court took the view that the 2019 amendment to Section 31 of the I B Code is clarificatory and declaratory in nature and therefore will have a retrospective operation. We quote para 138 as under: In the foregoing paragraphs, we have held, that 2019 amendment to Section 31 of I B Code is clarificatory and declaratory in nature and therefore will have a retrospective operation. As such, when th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion (3) of Section 61 of the Code, 2016 would be relevant. We quote Section 61 of the Code, 2016 in its entirety as under: 61. Appeal and Appellate Authority .- (1) Notwithstanding anything to the contrary contained under the Companies Act 2013 (18 of 2013), any person aggrieved by the order of the Adjudicating Authority under this part may prefer an appeal to the National Company Law Appellate Tribunal. (2) Every appeal under sub-section (1) shall be filed within thirty days before the National Company Law Appellate Tribunal: Provided that the National Company Law Appellate Tribunal may allow an appeal to be filed after the expiry of the said period of thirty days if it is satisfied that there was sufficient cause for not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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