Approved resolution plan under IBC Section 31(1) extinguishes all pre-CIRP unsubmitted statutory dues; tax reassessment proceedings post-approval are barred by Section 238's overriding effect and clean slate doctrine.

Shri Yogendra Kumar Singh : Member (Technical)

Appearances (through video conferencing):

For Petitioner : Mr. A. Gaggar (Adv.), Ms. V. Sureka (Adv.)

For Respondents : Mr. B. N. Gogoi, Adv Order pronounced on: 15.01.2026 As Per Bench

1. The present application is filed under Section 60(5) of Insolvency and Bankruptcy Code, 2016 (“Code”), r/w Rule 11 of NCLT Rules, 2016, by Maxim Infrastructure & Real Estate Private Limited (“Applicant/Corporate Debtor”) seeking the following reliefs:

a. Set aside the Show Cause Notice No. ITBA/AST/F/148A(SCN)/2024-

25/1067573713(1) dated 12th August, 2024 issued by the Respondent under Section

148A of the Income Tax Act, 1961;

In CP(IB)/4/GB/2018 ___________________________________________________________________________________________

b. Set aside and /or quash the Respondent's order vide DIN & Notice No:

ITBA/AST/F/148A/2024-25/1068212694(1) dated 31^st August, 2024 issued against the Applicant under clause ( d) of Section 148A of the Income Tax Act, 1961, including any actions consequent to the said order;

c. Ad-interim order in terms of prayers above;

d. To pass such other and further order or orders as this Hon'ble Tribunal may deem fit and proper;

2. Submissions on behalf of the Petitioner:

2.1. An application being CP (IB) No. 4/GB/2018 was filed by Bank of India (“Financial Creditor”) under Section 7 of the Code, against the Applicant/ Corporate Debtor, wherein this Tribunal by an order dated 31^st August, 2018 initiated Corporate Insolvency Resolution Process (“CIRP”) against the Applicant herein.

2.2. The Resolution Plan submitted by the Resolution Applicant being a consortium led by M/s Rare Asset Reconstruction Limited (“Successful Resolution Applicant”) was duly confirmed by the 100% votes of Committee of Creditors (“CoC”) in the Meeting held on 26.09.2019. This Tribunal also approved the said Resolution Plan vide order dated 25.10.2019.

2.3. The IRP made a public announcement on 7th September, 2018 and again on 21st February, 2018 inviting all creditors of the Corporate Debtor to submit their claims. It was submitted that during the CIRP of the corporate debtor, the Respondent did not submit its claim to the Interim Resolution Professional (IRP) or Resolution Professional (RP).

2.4. Upon replacement of IRP with the RP, the RP floated an Expression of Interest for inviting the potential Resolution Applicants to submit their Resolution Plans.

2.5. Subsequently, the resolution plan submitted by the Resolution Applicant being M/s Rare Asset Reconstruction Limited (hereinafter referred to as the Successful Resolution Applicant) was duly confirmed by the Committee of Creditors in the 14th Meeting held on 26th September, 2019. And this Tribunal also approved the said Resolution Plan vide order dated 25th October, 2019 which provided for payments to all stakeholders of the corporate debtor. Copy of the said order dated 25th October, In CP(IB)/4/GB/2018 ___________________________________________________________________________________________

2019 passed by this Hon’ble Tribunal and copy of the resolution plan are enclosed as "Annexures B and C" respectively to the petition.

2.6. Despite approval of the resolution plan, the Corporate Debtor/Applicant was shocked to receive a show-cause notice No. ITBA/AST/F/148A(SCN)/2024- 25/1067573713(1) dated 12th August, 2024 from the Respondent under clause (b) of Section 148A of the Act for the period pertaining to the assessment year 2018-19, show causing as to why a notice under Section 148 of the Act should not be issued to the Applicant on the basis of information which suggested that income of Rs. 1,22,32,000/- (Rupees One Crore Twenty Two Lakh Thirty Two Thousand Only) chargeable to tax has escaped assessment in the Applicant's case for the relevant assessment year 2018-19.

A copy of the show cause notice dated 12th August, 2024 is annexed and marked as Annexure D to the petition.

2.7. The a