Income tax proceedings against company in Liquidation/dissolved ...

Resolution Plan Approval Binds All Claims; Unapproved Claims Extinguished, Appeals Dismissed by Tribunal.

May 15, 2024

Case Laws Income Tax AT

Income tax proceedings against company in Liquidation/dissolved The Tribunal noted that once a resolution plan is duly approved by the Adjudicating Authority under section 31 of the Code, the claims provided in the resolution plan shall stand frozen and will be binding on the Corporate Debtor and its stakeholders. The Tribunal observed that the continuance of pending proceedings is prohibited once proceedings have commenced under the Code. Upon approval of the resolution plan, all claims not part of the plan shall stand extinguished. The Tribunal concluded that as the claims subject to appeal were not part of the resolution plan, the appeals lacked merit. Therefore, the appeals were dismissed.

View Source

← Previous Next →

Income tax proceedings against company in Liquidation/dissolved ...

Resolution Plan Approval Binds All Claims; Unapproved Claims Extinguished, Appeals Dismissed by Tribunal.

May 15, 2024

Case Laws Income Tax AT

You may also like:

CIRP - Delay in making claim - The case revolved around a Homebuyer's appeal regarding the delay in submitting their claim in an insolvency resolution process. Despite...

Recovery of excise duty, which got extinguished on approval of resolution plan - Section 31(1) of the IBC, 2016 mandates that the resolution plan approved by the NCLT...

SC adjudicated a dispute concerning the executability of an arbitral award post-corporate insolvency resolution plan. The Court held that upon NCLT's approval of the...

The High Court addressed the validity of an assessment against a company that had been dissolved. The court ruled that demand/penalty notices issued post-approval of the...

Approval of Resolution Plan - provision for the payment of Provident Fund dues not made - After approval of the Resolution Plan under Section 31, the claims as provided...

The Appellate Tribunal dismissed the appeal, holding that the appellant's claim for outstanding income tax demands against the corporate debtor could not be admitted...

Entertainment of claims made by creditors after approval of Resolution Plan - A stakeholder cannot afford to sleep over his claims and fail to submit it on time and come...

The High Court examined the issue of liability to clear statutory dues post-insolvency proceedings under the Insolvency and Bankruptcy Code 2016. The resolution plan...

HC held that under IBC Sections 13, 30, and 31, where a creditor fails to lodge a claim with the Resolution Professional during corporate insolvency resolution process,...

Once the resolution plan is approved under the Insolvency and Bankruptcy Code, any outstanding claims, including those under the Gujarat Value Added Tax Act for...

Once a resolution plan is approved u/s 31(1) of the Insolvency and Bankruptcy Code, 2016 (IBC), only the debts specified in the resolution plan remain payable. This...

Approval of Resolution Plan - Fresh claim based on Foreign Judgement - The Tribunal (NCLAT) in a crystalline manner pointed out that all such ‘claims’ which were not a...

Income tax proceedings against company dissolved / insolvent - Jurisdiction or authority to reopen or assess income for any period prior to the approval of the...

Challenge to an interim arbitral award u/s 31(6) of the Arbitration and Conciliation Act, 1996. The key issues are: (1) whether the rejection of an application u/s 16...

NCLAT dismissed the appeal challenging the rejection of belated additional claims filed by the Appellant-EPFO after the resolution plan's approval. The Tribunal held...

Quick Updates: