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SANDEEP MEHTA, RAJENDRA PRAKASH SONI
Emc Limited – Appellant
Versus
State of Rajasthan – Respondent
ORDER
1. These two writ petitions involve identical questions of facts and law and hence, are being decided by this common order.
2. Learned counsel Shri Sunil Bhandari has put in appearance on behalf of the respondents, but reply to both the writ petitions has not been filed. Today, when the matters were taken up, Shri Bhandari submitted that the arguments can be heard without waiting for reply because purely legal issues are involved in both writ petitions.
3. Show cause notices dated 07.02.2020 and consequential orders dated 22.04.2020 passed by the respondent Deputy Commissioner, State Tax, Anti-Evasion, Bhilwara, whereby the petitioner has been called upon to explain as to why the ITC claimed by it for the Financial Years 2017-18 and 2018-19 may not be reversed are assailed in these writ petitions.
4. Replies to the show cause notices were filed by the authorized representative of the petitioner, wherein it was pertinently mentioned that the petitioner company became sick. Accordingly, Corporate Insolvency Resolution Process (CIRP) was initiated under the Insolvency and Bankruptcy Code, 2016.
5. The National Company Law Tribunal (NCLT), Kolkata Bench, Kolkata passed a final order d
The approval of a resolution plan under the IBC extinguishes all prior dues, preventing any demands for those periods.
The approval of a Resolution Plan under the IBC extinguishes all prior tax dues, making any recovery attempts invalid.
Approved resolution plans under IBC extinguish all claims not included, barring any demand for debts incurred prior to the plan's effective date.
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.
Approved resolution plans under the Insolvency and Bankruptcy Code extinguish all pre-CIRP claims not included, including statutory dues from tax authorities.
The Insolvency and Bankruptcy Code's provisions override tax claims from pre-insolvency periods, barring enforcement of assessments not included in a Resolution Plan.
Point of Law - NCLAT judgment in holding that claims that may exist apart from those decided on merits by the resolution professional and by the Adjudicating Authority/Appellate Tribunal can now be d....
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