TMI Blog2023 (12) TMI 577X X X X Extracts X X X X X X X X Extracts X X X X ..... nding on all stakeholders, including guarantors. This is 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. The impugned order cannot be sustained - petition allowed. - HON'BLE MR. JUSTICE YASHWANT VARMA And HON'BLE MR. JUSTICE RAVINDER DUDEJA For the Petitioner : Mr. Dayan Krishnan, Sr. Adv. with Mr. Alok Yadav, Mr. Rohan Talwar Mr. Prathak Agarwal, Advs. For the Respondent : Through: Ms. Sonu Bhatnagar, SC. ORDER CM APPL. 62420/2023 (63 Days Delay in Short Affidavit) Bearing in mind the disclosures made in the application, the delay of 63 days in filing the short affidavit on behalf of the respondent is condoned. The application shall stand disposed of. W.P.(C) 11565/2023 CM APPL. 45045/2023 (Stay) 1. The petitioner impugns the order dated 13 June 2023 passed by the Commissioner of Customs (Adjudication) and also the consequential duty demand of Rs. 31,91,86,662/- which has come to be raised. The impugned order and the consequential duty demand are assailed principally on the basis of Section 31 of the Inso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... compliance with the order passed by the Supreme Court, the goods were released vide order dated 13 April 2023 issued by the Deputy Commissioner of Customs. 7. Notwithstanding the above, the petitioner is faced with a decision taken by the respondent who assert that those goods would have to be dealt with in accordance with Section 48 of the Customs Act, 1962 [ the Act ]. Insofar as the other two authorities, namely, the Principal Commissioner/Commissioner Customs Commissionerate Air Cargo Complex, Kolkata and Principal- Commissioner/Commissioner Customs, Customs-House Mundra, it is pointed out by Mr. Krishnan that no claim was laid by those authorities before the Resolution Professional. 8. Our attention was also drawn to Clause 4(ii) of the Resolution Plan which reads as follows: - (ii) Accordingly, all Claims or demands made by, or liabilities or obligations owed or payable to or assessed by, the Governmental Authorities including but not limited to the central government, the state governments, any regulatory or local authority or body or any agency or instrumentality thereof, including all such dues, duties, penalties, fees, interest, fines, levies, cesses, assessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which shall be binding on the corporate debtor and its employees, members, creditors, [including the Central Government, any State Government or any local authority to whom a debt in respect of the payment of dues arising under any law for the time being in force, such as authorities to whom statutory dues are owed,] guarantors and other stakeholders involved in the resolution plan: [Provided that the Adjudicating Authority shall, before passing an order for approval of resolution plan under this sub-section, satisfy that the resolution plan has provisions for its effective implementation.] (2) Where the Adjudicating Authority is satisfied that the resolution plan does not confirm to the requirements referred to in sub-section (1), it may, by an order, reject the resolution plan. (3) After the order of approval under sub-section (1), (a) the moratorium order passed by the Adjudicating Authority under Section 14 shall cease to have effect; and (b) the resolution professional shall forward all records relating to the conduct of the corporate insolvency resolution process and the resolution plan to the Board to be recorded on its database. [(4) The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n now be decided by an appropriate forum in terms of Section 60(6) of the Code, also militates against the rationale of Section 31 of the Code. A successful resolution applicant cannot suddenly be faced with undecided claims after the resolution plan submitted by him has been accepted as this would amount to a hydra head popping up which would throw into uncertainty amounts payable by a prospective resolution applicant who would successfully take over the business of the corporate debtor. All claims must be submitted to and decided by the resolution professional so that a prospective resolution 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, NCLAT judgment must also be set aside on this count. 14. The aforesaid position in law came to be reiterated by the Supreme Court in Ghanashyam Mishra in the following terms: - 93. As discussed hereinabove, one of the principal objects of the I B Code is providing for revival of the corporate debtor and to make it a going concern. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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