TMI Blog2024 (2) TMI 1019X X X X Extracts X X X X X X X X Extracts X X X X ..... dealing with the case before this tribunal wherein, against the assesse s company IBC proceeding has been initiated. In view of the above Tribunal s decision, the present appeal also deserves to be disposed of on the same line. Accordingly, the appeal is disposed of as infructuous. - HON'BLE MEMBER ( JUDICIAL ) , MR. RAMESH NAIR And HON'BLE MEMBER ( TECHNICAL ) , MR. RAJU Ms Dimple Gohil , Advocate for the Appellant Shri Rajesh K Agarwal , Superintendent ( AR ) for the Respondent ORDER RAMESH NAIR The appellant has filed the present appeal against the impugned Order in Original No. VLD / EXCUS / 000 / COM/0011 14 15 dated 12.01.2015 and made submissions in view of the NCLT order dated 08. 03. 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tral Government, State Government or any local authority ) 3.3.1 Amount to be paid to Operational Creditors pursuant to this Plan As per the Information Memorandum , the liquidation value of the Company is Rs. 4433,00,00,000 (Rupees Four Thousand Four Hundred Thirty Three Crores only), which is less than the sum of Estimated CIRP Costs and Outstanding Financial Debt, therefore, the liquidation value available to Operational Creditors (other than employees and workmen who have been dealt with separately under section 3.4 below) is NIL. Accordingly, no amounts are proposed to be paid under this Plan to the Operational Creditors (other than (i) employees and workmen who have been dealt with separately under Section 3.4 below; and (i) the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ere being no further claims whatsoever, and all forms of security created or suffered to exist, or rights to create such a security, to secure any obligations towards the Operational Creditors (whether by way of guarantee, bank guarantee, letters of credit or otherwise) shall immediately, irrevocably and unconditionally stand released and discharged, and the Operational Creditors shall deem to have waived all rights to invoke or enforce the same. (Emphasis supplied) 3.3.2 . 3.3.3 . 3.3.4 3.3.5 Treatment of claims under Applicable Laws (including Taxes) (i) All claims that may be or that arise against the Company in relation to any payments required to be made by the Company under Applicable Law (in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be deemed to be owed and due as of the Closing Date, and shall immediately, irrevocably and unconditionally stand abated, settled and extinguished. No Governmental Authority shall have any further rights or claims against the Company, in respect of the period prior to the Closing Date and/or in respect of such amounts. 3.3.6 Failure to Submit Claims or Rejected Claims (i) The Resolution Professional had issued a public notice dated July 19, 2017 in accordance with the IBC, inviting all creditors of the Company to submit their proof of claims to the Resolution Professional on or prior to August 01, 2017. The Information Memorandum. and information uploaded to the virtual data-room from time to time, contains details of claims ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... directly or indirectly under, out of, or in relation to the gas sale agreement dated May 27, 2013 entered into between GAIL (India) Limited and the Company), then: (a) all such obligations, claims and liabilities of the Company (whether final or contingent (whether crystallized or not), whether disputed or undisputed, and whether or not notified to or claimed against the Company; (b) all outstanding disputes or legal proceedings in respect of such claims; and (c) all rights or claims of such persons against the Company; in each case, relating to the period prior to the Closing Date, shall immediately, irrevocably and unconditionally stand extinguished and waived on the Closing Date, and the Company shall have no Liabilities in respect of su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Central Excise Act to give effect of NCLT proceedings. This tribunal being creature under the Customs Act, even though the Insolvency and Bankruptcy Code have over riding effect over all the other acts, in absence of any explicit provision under the Customs/Central Excise Act, this tribunal cannot decide finally whether the adjudged amount can be recovered by the department or otherwise. This issue has to be resolved by the respondent. Moreover, the learned AR submitted a letter dated 19.05.2022 issued by Additional Commissioner (Legal) wherein, the Additional Commissioner stated as under:- As the NCLT, Ahmedabad has decided the matter vide Order 08.03.2019 and therefore, all the government dues prior to 08.03.2019 stand extingu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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