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TMI Blog2025 (5) TMI 319X X X X Extracts X X X X X X X X Extracts X X X X ..... the absolute owner of land measuring 43 Cottahs, 9 Chittacks, and 21 square feet, along with a B+G+7 storied building having a super built-up area of 8,483.80 square feet, comprising the 1st to 7th floors (North-East Block), a reception desk on the ground floor, and six open car parking spaces located at the rear side of the ground floor of the building known as Vishwakarma Building, situated at Premises No. 86C, Topsia Road (South), Police Station - Tiljala, Kolkata (hereinafter referred to as the "said premises"). 4. Petitioner No. 1 is a Non-Banking Financial Company (NBFC) holding a valid license from the Reserve Bank of India (RBI). On 04.10.2021, the RBI superseded the Board of Directors of petitioner No. 1 and appointed an administrator in respect of the said company. 5. Pursuant to an application filed by the RBI under the Insolvency and Bankruptcy Code, 2016 (IBC), the Learned Adjudicating Authority was pleased to admit the said application and, by an order dated 08.10.2021, initiated the Corporate Insolvency Resolution Process (CIRP) in respect of petitioner No. 1. By the same order, the administrator appointed by the RBI on 04.10.2021 was continued as the administrato ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 04.06.2024, the first one was issued under Section 174 of the KMC Act for the period from 01/2017 to 01/2021. The subsequent annual valuations are revisions of the proposed annual valuation under Section 180 (2) (ii) of the KMC Act. Hence, if the 1st notice which was issued under Section 174 of the KMC Act is bad in law by virtue of IBC, 2016, the subsequent revisions are also illegal and not valid. 11. Learned Counsel further submits that, in view of Sections 31 and 32A of the IBC, all claims up to the date of approval of the Resolution Plan under the IBC i.e., up to 11.08.2023 stood extinguished by operation of law. The impugned notices pertain to a period prior to 11.08.2023. Since all such claims and demands of the respondents stood extinguished, the impugned notices issued by the respondent corporation in respect of the period prior to the approval of the Resolution Plan are not tenable in law. 12. Learned Counsel for the petitioner further submits that the IBC contemplates and prescribes a specific mode and manner for lodging claims in respect of a company undergoing the Corporate Insolvency Resolution Process (CIRP). The respondent authorities, having failed to avail them ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of law. 17. Learned Counsel for the respondent corporation further submits that, by not filing the self-assessment return under Section 182A of the KMC Act, 1980, the writ petitioner deliberately withheld material facts and figures, thereby suppressing the true rental values with the intent to depress the valuation and pay lesser tax. It is the contention of the respondent corporation that the writ petitioner committed fraud upon the Corporation, and hence, it is within the jurisdiction of the corporation to revise the valuation retrospectively once the fraud came to light. 18. Learned Counsel for the respondent further submits that the respondent corporation was not aware of the IBC proceedings and, therefore, could not submit its claims prior to the approval of the Resolution Plan. Moreover, the appropriate authority, while considering the reliefs, waivers, and concessions sought by the Corporate Debtor, expressly stated that: "No reliefs, waivers, and concessions that fall within the domain of other Government departments/authorities are granted. The reliefs, waivers, and concessions that pertain to other Government authorities/departments shall be dealt with by the respecti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... des that the CoC may approve a resolution plan by a vote of not less than 66% of the voting share of the financial creditors, after considering its feasibility and viability. As per Section 30(5), the resolution applicant may also attend meetings of the CoC, though without voting rights unless the applicant is also a financial creditor. Once approved by the CoC, the resolution professional is required to submit the resolution plan to the Adjudicating Authority in terms of Section 30(6). 24. Section 31 deals with the approval of a resolution plan. Under Section 31 (1), if the Adjudicating Authority is satisfied that the resolution plan approved by the CoC meets the requirements of Section 30 (2), it shall, by order, approve the resolution plan. Once approved, the resolution plan becomes binding on the corporate debtor and its employees, members, creditors (including the Central Government, any State Government, or any local authority to whom any debt, including statutory dues, is owed), guarantors, and all other stakeholders involved in the resolution plan. However, before granting approval, the Adjudicating Authority must ensure that the resolution plan includes provisions for its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Government, any State Government, or any local authority, if not included in the resolution plan, shall stand extinguished, and no proceedings in respect of such dues for any period prior to the date of approval by the Adjudicating Authority under Section 31 may be continued. 28. The Hon'ble Supreme Court followed Ghanshyam Mishra (Supra) very recently in Vaibhav Goel & Anr Vs Deputy Commissioner of Income Tax (Supra) and Electro Steel Steel Ltd (ESL Steel Limited Vs Ispat Carrier Pvt Ltd reported as 2025 SCC Online SC 829 and reiterated that even if any stakeholder is not a party to the proceedings before the NCLT and if such stakeholder does not raise its claim before the interim resolution professional/resolution professional, the resolution plan as approved by the NCLT would still be binding on him. 29. Hence, in view of the settled position of law as discussed herein above, it is evident that all dues, including statutory dues owed to the Central Government, any State Government, or any local authority, if not included in the resolution plan, shall stand extinguished, and no proceedings in respect of such dues for the period prior to the date on which the Adjudicating Autho ..... X X X X Extracts X X X X X X X X Extracts X X X X
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