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BIREN VAISHNAV, DEVAN M. DESAI
Ultratech Nathdwara Cement Ltd. – Appellant
Versus
State Of Gujarat – Respondent
JUDGMENT :
BIREN VAISHNAV, J.
1. Rule returnable forthwith. With the consent of the learned advocates for the respective parties, matter is taken up for final hearing. Ms. Shrunjal Shah, learned AGP waives service of rule on behalf of the respondents.
2. By way of this petition, under Article 226 of the Constitution Of India, the petitioner has made the following prayers:
2. Quash the pending proceedings against the Petitioner and refund the amount paid as pre-deposit;
3. Respondents may be restrained from raising any further demands or proceeding with any coercive steps so far as dues incurred in relation to the period prior to Transfer Date;
4. Provide directions for expeditious disposal of pending matters involving the Respondents; ….”
2. Facts in brief are
Once a resolution plan is approved under the IBC, the claims provided in the plan are binding and any claims not included in the plan are extinguished.
The main legal principle established in the judgment is the binding effect of the resolution plan approved by the NCLT on stakeholders, as well as the extinguishment of claims not part of the approve....
The approval of a resolution plan under the IBC extinguishes all claims not included in the plan, including tax liabilities, ensuring a fresh start for the corporate debtor.
The approval of a resolution plan under the IBC extinguishes all claims not included in the plan, including tax liabilities.
The approved Resolution Plan under the Insolvency and Bankruptcy Code binds all creditors, extinguishing claims not included, ensuring no surprise liabilities arise post-approval.
Approved resolution plans under the Insolvency and Bankruptcy Code extinguish all pre-CIRP claims not included, including statutory dues from tax authorities.
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