TMI Blog2023 (10) TMI 1344X X X X Extracts X X X X X X X X Extracts X X X X ..... Clause 1(f) in Chapter X of the Resolution Plan states that all claims prior to the NCLT approval date of Governmental Authorities in relation to all taxes which the Appellant was liable to pay shall stand extinguished on the approval date. Clause 1(o) declares that any tax, duty and legal liability for the period prior to approval date will be waived and extinguished. That the instant Appeal file ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... R ORDER PER: ANIL CHOUDHARY Heard the learned AR and perused the records. 2. We find that the company faced financial difficulties and an application was filed by one of the financial creditors under Sec 7 of Insolvency and Bankruptcy Code (IBC), 2016 for recovering debts owned by the company. The Hyderabad Bench of the NCLT issued Order dated 17.10.2019 for initiating Corporat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall stand extinguished by virtue of Order dated 17.10.2019. Clause 1(f) in Chapter X of the Resolution Plan states that all claims prior to the NCLT approval date of Governmental Authorities in relation to all taxes which the Appellant was liable to pay shall stand extinguished on the approval date. Clause 1(o) declares that any tax, duty and legal liability for the period prior to approval date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Code, 2016 and Regulations 37, 38, 38(1A) and 39(4) of IBBI (CIRP) Regulations, 2016. The Resolution Plan is also not in contravention of any of the provisions of Sec 29A. Hence, this adjudicating authority is satisfied that the Resolution Plan is in accordance with law. Therefore, the Resolution Plan annexed with Application bearing IA No. 577 of 2019 filed in CP (IB) 462/7/HDB/2018 is hereb ..... X X X X Extracts X X X X X X X X Extracts X X X X
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