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IN THE HIGH COURT OF ORISSA AT CUTTACK
D.DASH, V.NARASINGH
Orissa Manganese & Minerals Limited – Appellant
Versus
State of Odisha – Respondent
| Table of Content |
|---|
| 1. challenge on validity of demands against omml. (Para 1 , 2) |
| 2. procedural aspects of the resolution plan approval. (Para 3) |
| 3. principles regarding binding nature of resolution plans. (Para 4 , 6) |
| 4. overview of obligations under the ibc for corporate debtor. (Para 8 , 9 , 12) |
| 5. consequences of non-compliance of ibc and extinguishing claims. (Para 15 , 17 , 18 , 23) |
| 6. court's directive on demand revision limits. (Para 19 , 24) |
| 7. final disposal and directives regarding costs. (Para 25) |
Judgment :
Since the common issue in all these writ petitions (A, B & C) concerns with the validity of the demands raised against the Petitioner-Company, i.e., Orissa Manganese & Minerals Limited (OMML), which is registered under the Companies Act, 1956, having its Registered Office at IPICOL House, Bhuabneswar in the District-Khurda, Odisha in view of the approval of the Resolution Plan by the National Company Law Tribunal (for short, ‘the NCLT’) under the Insolvency and Bankruptcy Code, 2016 (hereinafter called as the ‘I & B Code’), were heard together on consent of the learned counsels for the parties for their disposal by common judgment.
It is stated that the demands, which have bee
The approved Resolution Plan under the Insolvency and Bankruptcy Code binds all creditors, extinguishing claims not included, ensuring no surprise liabilities arise post-approval.
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.
Approved resolution plans under the Insolvency and Bankruptcy Code extinguish all pre-CIRP claims not included, including statutory dues from tax authorities.
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....
(1) Definition of secured creditor in IBC does not exclude any Government or Governmental Authority.(2) If a Resolution Plan is ex-facie not in conformity with law and/or provisions of IBC and/or Rul....
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