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IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
BHARGAV D.KARIA, D.N.RAY
Technova Plastic Industries Pvt. Ltd. – Appellant
Versus
State Of Gujarat – Respondent
| Table of Content |
|---|
| 1. facts of the case including corporate insolvency. (Para 3) |
| 2. petitioner's argument supporting entitlement to land. (Para 5) |
| 3. respondent's counter-arguments regarding claims. (Para 6) |
| 4. court's analysis on claims and resolution plan validity. (Para 7 , 8 , 9 , 10 , 11 , 12 , 13) |
| 5. final conclusion quashing the impugned order. (Para 14) |
JUDGMENT :
D.N.RAY, J.
1. Heard learned Advocate Mr. Hardik P. Modh for the Petitioner and learned AGP Ms. Shrunjal Shah for the Respondents.
2. Rule returnable forthwith. Learned Assistant Government Pleader Ms. Shrunjal Shah waives service of notice of rule on behalf of the respondents. With the consent of learned advocates for the respective parties, the matter is taken up for final hearing, as the issue involved is very short.
3. The petition is filed under Article 226 of the Constitution of India with a prayer to quash and set aside the Order dated 21.12.2016, passed by the respondent No.2. Accordingly, the following prayers have been made: -
“(a) That this Hon’ble Court be pleased to issue a Writ of Certiorari, or a Writ in the nature of Certiorari or any other appropriate writ, calling for the records in relation to Order dated 21
Approved resolution plans under the Insolvency Code extinguish claims not included, barring enforcement actions for pre-existing statutory dues.
The approval of a resolution plan under the IBC extinguishes all claims not included in the plan, including tax liabilities.
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 court held that upon approval of the resolution plan under the IBC, all pending claims not included in the plan stand extinguished, thus protecting the successful resolution applicant from any un....
Resolution plan approved despite 99.92% haircut; unclaimed pre-CIRP claims extinguished upon section 31 approval; NCLT limits reliefs to IBC/Companies Act; new management shielded under section 32A; ....
The approval of a Resolution Plan under the Insolvency and Bankruptcy Code is binding on all stakeholders, contingent on compliance with statutory obligations and financial guidelines, ensuring the v....
Approved resolution plans under the Insolvency and Bankruptcy Code extinguish all pre-CIRP claims not included, including statutory dues from tax authorities.
Resolution plan approved despite 97% haircut as compliant with IBC requirements; unclaimed pre-CIRP claims extinguished; limited reliefs granted; new management immunised from past criminal liability....
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