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P. SAM KOSHY, N. TUKARAMJI
Sujana Universal Industries Limited – Appellant
Versus
Union of India, Represented by its Secretary – Respondent
ORDER :
P. Sam Koshy, J.
The present writ petition has been filed seeking for issuance of a Writ of Mandamus for setting aside the impugned order dated 10.04.2023 (Annexure P1) passed by respondent No.2 under clause(d) of Section 148A of the Income Tax Act, 1961 (for short, ‘the Act’) for the assessment year 2019-2020.
2. Heard Mr. M.Naga Deepak, learned counsel for the petitioner and Mr. Vijhay K.Punna, learned Senior Standing Counsel for Income Tax appearing for respondents.
3. The brief facts relevant for adjudication of the present writ petition are that the petitioner establishment namely M/s.Sujana Universal Industries Limited filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, before the National Company Law Tribunal, Hyderabad Bench, Hyderabad (briefly referred to hereinafter as ‘NCLT’) which was registered as C.P. (IB) No.186/9/HDB/2019. The said company petition stood admitted and proceedings for Corporate Insolvency Resolution Process (CIRP) was initiated. One Mr. Nethi Mallikarjuna Setty was appointed as the Resolution Professional to oversee the Corporate Insolvency Resolution Process. In the process, a Committee of Creditors (CoC) was con
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.
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 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.
Approved resolution plans under the Insolvency Code extinguish claims not included, barring enforcement actions for pre-existing statutory dues.
Tax liabilities arising during corporate insolvency resolution cannot be extinguished by a resolution plan unless explicitly provided, as affirmed by recent Supreme Court rulings.
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