THE NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCH, CHANDIGARH (Exercising powers of Adjudicating Authority under the Insolvency and Bankruptcy Code, 2016)

IA No.205/2021 in CP (IB) No.19/Chd/Chd/2018 Under Section 31 of the IBC, 2016 In the matter of:

Small Industries Development Bank of India .…Applicant Vs.

Mansa Print & Publishers Limited …Respondent And in the matter of IA No.205/2021:-

CA Jalesh Kumar Grover Resolution Professional of Mansa Print & Publishers Limited having its registered address at SCO 818, 1st Floor, NAC Manimajra, Chandigarh- 160101 .…Applicant Vs.

The Assistant Commissioner, State Taxes and Excise …Respondent Order delivered on: 18.07.2023 Coram: HON’BLE MR. HARNAM SINGH THAKUR, MEMBER (JUDICIAL)

HON’BLE MR. SUBRATA KUMAR DASH, MEMBER (TECHNICAL) For the Resolution Professional : Mr. Bharat Chadha, Advocate For the Respondent-Excise Taxation Department : Mr. J.P. Bhatt, Advocate Per: Subrata Kumar Dash, Member (Technical)

ORDER

The present application has been filed by Mr. Jalesh Kumar Grover Resolution Professional of Mansa Print & Publishers Limited (hereinafter referred to as ‘Applicant’) against The Assistant Commissioner, State Taxes and Excise (Hereinafter referred to as ‘Respondent’) under Section 31 of Insolvency and Bankruptcy Code, 2016

2. The applicant has prayed to direct the respondent to issue necessary directions to the respondent to remove the lien marked over the revenue records properties of the corporate debtor for the dues prior to CIRP period and further to cooperate with the applicant for the successful implementation of the resolution plan as approved by this Adjudicating Authority by order dated 18.03.2020.

3. The brief facts of the case as stated in the application are that :-

i) The Corporate Insolvency Resolution Process was initiated in case of Corporate Debtor on 28.02.2019 and the applicant was appointed as IRP. Thereafter, in the 1st CoC Meeting held on 29.03.2019, the applicant has been appointed as Resolution Professional.

ii)The committee of creditors has approved the resolution plan of ANG Life Sciences (India) Ltd on 12.12.2019 with 100% voting share. Thereafter, This Adjudicating Authority by order dated 18.03.2020 in CA No. 55 of 2022 has also approved the resolution plan and the copy of the order is attached with the main application as Annexure A-3.

iii) In terms of the resolution plan approved by the adjudicating authority, no payments have been proposed for the operational creditors, including the statutory authorities as the liquidation value due towards the Operational Creditors was NIL. The Resolution plan provides for the payment of Rs. 12 lakhs for the claims of workmen and 15 lakhs for the claims of the employees within the 30 days from Effective date.

iv)During the implementation of the resolution plan, it is noticed that the Central Excise and Taxation Department has created a lien which is duly marked in the revenue records of the Corporate Debtor by Rapat No. 703, dated 15.09.2020 for Rs.10,47,85,949 and the copy of the revenue records are attached with application as Annexure A-4 v)The applicant has intimated the respondent by letter dated 08.10.2022 to remove the lien created over the assets of the corporate debtor as the resolution plan has been approved by order dated 18.0\3.2020. It is mentioned by the applicant that the respondent Department had submitted an incomplete claim to the IRP and the applicant by email dated 10.12.2019 requested the respondent to submit the additional documents. However, the respondent has not filed any revised claim before the applicant.

vi)As per section 53 of the code, the payment of statutory dues ranks below after the payment of secured financial creditors. The Resolution Plan approved by the Adjudicating Authority is binding in nature on all the stakeholders of the Corporate Debtor, including the Central Government, State Government and local Authorities. Hence, the approved resolution plan is binding on all the stakeholders