TMI Blog2022 (10) TMI 740X X X X Extracts X X X X X X X X Extracts X X X X ..... ties have to file the claim before the RP before the approval of Resolution Plan by the CoC. At this stage, we cannot burden the Resolution Applicant with the liabilities that had arisen before the approval of the Resolution Plan. This bench is of the view that the income tax liability on notional income arising on implementation of the Resolution Plan due to writing back of the unpaid dues to the creditors in the books of Corporate Debtor is to be waived off. Accordingly, such liabilities are waived off. Application are disposed of as partly-allowed. - IA/887/2022 & IA/1606/2022 In IA/1447/2021 In CP(IB)No. 1790/MB/2017 - - - Dated:- 14-10-2022 - Hon ble Member ( Judicial ) : Justice P. N. Deshmukh ( Retd. ) And Hon ble Member ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e specific waivers sought in the Resolution Plan even though the same has been entirely approved by the CoC. Thus, the Applicant is seeking specific waivers of various liabilities which includes the liabilities accrued during the CIRP period, liabilities which shall occur till the closing date (as defined under the Resolution Plan) and liabilities which shall arise on implementation of the Resolution Plan. The Applicant seeks following relief: i.) That the Hon'ble Tribunal pass an order waiving income tax liability accrued on the Corporate Debtor from 14th May 2018 (date of commencement of CIRP) till 31st March 2020 i.e. period prior to closing date for AY 2018-2019, AY 2019-2020 and AY 2020-2021 amounting to Rs. 1,20,38,33,230/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r Lakhs Sixty Eight Thousand Five Hundred and Forty Three only) and Rs, 1,37,95,641 (Rupees One Crore Thirty-Seven Lakhs Ninety- Five Thousand Six Hundred and Forty One only) to be paid on transfer of immovable properties of third parties to Applicant or its affiliate located at Apeejay House, 6th Floor, Mumbai Samachar Marg, Fort, Mumbai 400 023 and Qube, Unit No. B- 201 and B - 204, 2nd Floor, CTS No. 1498 A/2, Village Marol, Sahar Road, Andheri (E), Mumbai - 400 059; and viii.) That the Hon'ble Tribunal pass an order waiving of income tax liability on notional income arising on implementation of the Resolution Plan due to writing back of the unpaid dues to the creditors in the books of Corporate Debtor. ix.) That pending the fi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hange Management (Transfer or Issue of any Foreign Security) Regulations, 2004; xiv.) That the Hon'ble Tribunal pass an order providing 6 months' time period to the Applicant after the Closing Date in order to assess the status of the permits, approvals and consents that may have lapsed, expired, suspended, cancelled, revoked or terminated and to ensure that the Corporate Debtor is compliant with them without initiating any investigations, actions or proceedings from the Government Authorities in relation to the non-compliances for the period till Closing Date. xv.) That pending the final hearing and disposal of this Application, this Hon'ble Tribunal be pleased to tag the present Interlocutory Application along with Inter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is provided 6-month time after the Closing Date in order to assess the status of the permits, approvals and consents that may have lapsed, expired, suspended, cancelled, revoked or terminated and to ensure that the Corporate Debtor is compliant with them without initiating any investigations, actions or proceedings by the Government Authorities in relation to the non-compliances for the period till Closing Date. Further, the time period for the implementation of the Resolution Plan is also extended till 6 months. Relief (xv) is granted as the Interlocutory Application No. 1606 of 2022 was already tagged along with Interlocutory Application No. 877 of 2022 in Company Petition No. 1790 of 2017 before this Hon'ble Bench. Accordingly, IA/8 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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