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IN THE HIGH COURT OF ORISSA AT CUTTACK
S.K.Panigrahi, G.Satapathy
Sree Metaliks Ltd. – Appellant
Versus
Union of India – Respondent
| Table of Content |
|---|
| 1. details of the petitioner’s financial distress and cirp. (Para 1 , 3 , 4 , 5 , 6 , 10 , 11) |
| 2. submissions from petitioner and opposition. (Para 12 , 13) |
| 3. discussion on scope of review jurisdiction. (Para 14 , 15) |
| 4. details of the insolvency resolution process. (Para 16 , 17 , 18) |
| 5. interpretation of section 238 of the ibc. (Para 19 , 20 , 22) |
| 6. doctrine of clean slate post-cirp. (Para 23 , 24) |
| 7. non-enforceability of pre-cirp tax liabilities after resolution. (Para 25 , 26) |
| 8. jurisdictional issues regarding tax claims. (Para 27 , 28) |
| 9. review allowed; tax claim extinguished due to ibc. (Para 29 , 30 , 31) |
JUDGMENT :
1. The instant Review Petition has been filed under Section 114 read with Order XLVII Rule 1 of the Code of Civil Procedure, 1908 (“CPC”) by the petitioner-company seeking review of the judgment dated 02.03.2020 passed in W.P.(C) No. 6890 of 2020. By the said judgment, a Division Bench of this Court had dismissed the petitioner’s Writ Petition which challenged an assessment order dated 18.03.2014 and accompanying demand notice dated 18.03.2014 issued by the Income Tax Department in respect of Assessment Year 2011-12. The petitioner now seeks to recall
The Insolvency and Bankruptcy Code's provisions override tax claims from pre-insolvency periods, barring enforcement of assessments not included in a Resolution Plan.
Once a resolution plan is approved under the Insolvency and Bankruptcy Code, no claims can be pursued for dues prior to that approval, rendering subsequent assessment orders and notices invalid.
The approval of a Resolution Plan under the IBC extinguishes all prior tax dues, making any recovery attempts invalid.
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....
Once a resolution plan is approved under the Insolvency and Bankruptcy Code, claims not presented during insolvency proceedings are extinguished, prohibiting further recovery actions by revenue autho....
Once a resolution plan is approved under the Insolvency and Bankruptcy Code, claims not included therein are extinguished and cannot be enforced, ensuring clarity for the resolution applicant.
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