9911796707
TMI Blog2024 (6) TMI 1148X X X X Extracts X X X X X X X X Extracts X X X X ..... 1/Deputy Commissioner of Income Tax under Section 143 (3) of Income Tax Act, 1961 for the Assessment Year 2022-23 and Financial Year 2021-22. The present petition also assails the Demand Notice under Section 156 of the Income Tax Act, 1961 and Notices dated 23rd May, 2024 under Section 274 of the Income Tax Act, 1961 issued by the respondent no. 1. 4. Learned counsel appearing for the petitioner company submits that the aforesaid Notices have been issued after the approval of the Resolution Plan for the revival and restructuring of the petitioner-company by learned National Company Law Tribunal ("NCLT"), Chennai, vide order dated 06th December, 2021. Learned counsel appearing for the petitioner submits that the impugned order and notice da ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... allowed the application seeking initiation of the Corporate Insolvency Resolution Process ("CIRP") of the petitioner-company and moratorium under Section 14 of the IBC, 2016 into force. Subsequently, the CIRP of the petitioner culminated in successful manner, wherein, Resolution Plan for the revival and rehabilitation of the petitioner-company was submitted and the same was accordingly approved by the Committee of Creditors ("COC") with requisite majority of votes on 13th September, 2021. Subsequently, on 06th December, 2021, final approval to Resolution Plan along with the necessary reliefs and concessions, including the extinguishment of all the past dues and claims not forming part of the Resolution Plan on the date of approval, was acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... "xxx xxx xxx 2. The petitioner is the corporate debtor and the Resolution Plan in respect of which came to be approved by the National Company Law Tribunal ["NCLT"] on 06 August 2021. Ex facie, it is manifest that the notice for reassessment pertains to a period prior to the acceptance and approval of the Resolution Plan. 3. In is in the aforesaid backdrop that we take note of the judgment rendered by the Supreme Court in Ghanashyam Mishra & Sons (P) Ltd. v. Edelweiss Asset Reconstruction Co. Ltd. [(2021) 9 SCC 657] wherein the following principles came to be laid down:- "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. The I&B C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions on the basis of which the resolution applicant submits its plans would go haywire and the plan would be unworkable. 94. We have no hesitation to say that the words "other stakeholders" would squarely cover the Central Government, any State Government or any local authorities. The legislature noticing that on account of obvious omission certain tax authorities were not abiding by the mandate of the I&B Code and continuing with the proceedings, has brought out the 2019 Amendment so as to cure the said mischief. We therefore hold that the 2019 Amendment is declaratory and clarificatory in nature and therefore retrospective in operation." 4. We also take note of the identical position which was expressed by the Supreme Court in Essar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the corporate debtor. Far from supporting the stand of the respondents, it is clear that in point of fact, Section 31 is one more factor in favour of a personal guarantor having to pay for debts due without any moratorium applying to save him. 106. Following this judgment in SBI v. V. Ramakrishnan, (2018) 17 SCC 394, it is difficult to accept Shri Rohatgi's argument that that part of the resolution plan which states that the claims of the guarantor on account of subrogation shall be extinguished, cannot be applied to the guarantees furnished by the erstwhile Directors of the corporate debtor. So far as the present case is concerned, we hasten to add that we are saying nothing which may affect the pending litigation on account of invoc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es other than those which are specified and factored in the Resolution Plan and which may pertain to a period prior to the resolution plan itself having been approved. 6. Consequently, we allow the instant writ petition and set aside the impugned order dated 30 July 2022 under Section 148A (d) of the Act." (Emphasis Supplied) 14. Reading of the aforesaid order, clearly shows that the law is well settled that once a Resolution Plan is approved by the COC, it shall be binding on all the stakeholders. Thus, the successful Resolution Applicant starts running the business of the Corporate Debtor on a fresh slate. Considering the aforesaid, the impugned Assessment Order dated 22nd May, 2024 as well as the Notice dated 23rd May, 2024, cannot s ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
