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TMI Blog2025 (5) TMI 976X X X X Extracts X X X X X X X X Extracts X X X X ..... t No. 3 & 4. With the consent of the learned advocates for the respective parties, the matter is taken up for hearing, as the issue involved is quite brief. 3. The brief facts of the case are as follows: 3.1 The Petitioner is a company engaged in the business of manufacturing plastic film. Rassendra Chem Export Private Limited, acting as an operational creditor, filed an application [CP (IB) 189 of 2018] under Section 9 of the Insolvency and Bankruptcy Code, 2016 ("IBC"), seeking initiation of the Corporate Insolvency Resolution Process ("CIRP") against the Petitioner-Corporate Debtor before the National Company Law Tribunal ("NCLT"), Ahmedabad. 3.2 The NCLT, by an order dated 12.11.2018, admitted the said application and imposed a moratorium in terms of Section 14 of the IBC. Consequently, CIRP was initiated against the Petitioner company. 3.3 By the order dated 12.11.2018, Mr. Narayan Gajanan Vidvan was appointed as the Interim Resolution Professional ("IRP"). The IRP, in accordance with Section 15 of the IBC, issued a public announcement and collated the claims submitted by the creditors. 3.4 In compliance with Section 21 of the IBC, the Committee of Creditors ("CoC") was c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty orders [(Annexure-A (Colly)] and any other demand raised or to be raised for the period prior to 04.09.2020; (b) Issue a writ, order or direction in the nature of mandamus or any other appropriate writ quashing and setting aside all proceedings including but not limited to Assessment Orders, Penalty Orders and Demand Notices over and above the Demand Notices annexed as Annexure-A (Colly), initiated or to be initiated by the Respondents pertaining to the period prior to 04.09.2020; (c) Pending final hearing and admission of the matter, pass an order restraining the Respondents from enforcing demand and be further pleased to stay the proceedings initiated in relation to the period prior to 04.09.2020; (d) Pass any such other writ or order(s) as it may deem fit and proper in the interest of justice." 4. Learned Senior Advocate Mr. M.R. Bhatt with learned advocate Ms. Shailee S. Joshi for the Petitioner submitted that notices have been issued by the Department to the Petitioner for the period prior to 04.09.2020. whereas, the NCLT by virtue of the order dated 04.09.2020 has approved the Resolution Plan of one, Kankariya Enteprises Pvt. Ltd. under Section 31 of the IBC. Mr. Bh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ime periods mentioned in the Table. STRUCTURE FOR ACQUISITION OF CONTROL OVER THE CORPORATE DEBTOR BY THE RESOLUTION APPLICANTS The present equity capital is envisaged to be written down to zero. Post such write off, the Resolution Applicant propose to infuse Rs. 17,72,80,000/- as equity and control 100% stake in the Corporate Debtor. 6.2 Further, Annexure-4 to the Resolution Plan which has been approved by the NCLT pertains to "Extinguishment of Claims". Clause 9 thereof reads as under:- "9. Any and all other claims (whether contingent or crystallised, known and unknown, disputed or undisputed, asserted or unasserted, present or future and whether or not filed) of Governmental Authorities in relation to all Taxes, duty, penalties, interest, fines, cesses, unpaid TDS/TCS which the Corporate Debtor was or may be liable to pay, the period prior to the Effective Date shall stand extinguished on the Effective Date by virtue of the order of the NCLT approving the Resolution Plan and the Corporate Debtor should not be liable to pay any amount against such demand, but for the provision made in Annexure-2 (Financial Plan). All assessment/appellate or other proceedings pending on the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 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." (emphasis added) The words starting from 'including' and ending with 'owed' were incorporated in the IB Code with effect from 16th August 2019. Section 31(1), as it stood before the amendment mentioned above and after the amendment, came for consideration in the decision of this Court in the case of Ghanashyam Mishra and Sons Pvt. Ltd. Paragraph 102 of the said decision reads thus: "102. In the result, we answer the questions framed by us as under: 102.1. That once a resolution plan is duly approved by the adjudicating authority under sub-section (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the corporate debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority, guarantors and other stakeholders. On the date of approval of resolution plan by the adjudicating authority, all such claims, which are not a part of resolution plan, shall ..... 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