Statutory Dues Outside Resolution Plan Under IBC Section 31 Automatically Extinguished, Clearing Path for Corporate Debt Recovery

HC held that statutory dues not included in the Resolution Plan under IBC Section 31 are extinguished, precluding further proceedings for pre-approval period. Income tax demands for specified assessment years were not part of the approved plan, thus automatically discharged. The ruling emphasizes that once a Resolution Plan receives NCLT approval, no subsequent claims can be introduced, ensuring the corporate debtor can restart business with a clean financial slate. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X