Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2026 Supreme(Online)(NCLT) 688

NATIONAL COMPANY LAW TRIBUNAL
Rammurti Kushawaha, J, Yogendra Kumar Singh, ACJ
Maxim Infrastructure & Real Estate Private Limited – Appellant
Versus
Office of Superintendent of Taxes, Circle-II, Shillong Meghalaya – Respondent
Application under Section 60 (5) of Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the National Company Law Tribunal, Rules 2016 | CP (IB)/4/GB/2018

Advocates:
For the Appellants/Petitioners: None
For the Respondents: None

Approved resolution plans under the Insolvency and Bankruptcy Code extinguish all pre-CIRP claims not included, including statutory dues from tax authorities.

Headnote:(A) Insolvency and Bankruptcy Code, 2016 - Section 60(5) and Section 31 - Meghalaya Value Added Tax Act, 2003 - Applicability of demand notices post approval of resolution plan - Demand notice for Rs. 25,60,67,387/- issued post approval of resolution plan was set aside as it contravened the provisions of the IBC and statutory obligations were deemed extinguished once the resolution plan was approved. (Paras 1, 25, 26)

(B) Jurisdiction - The NCLT retains jurisdiction to enforce the binding nature of an approved resolution plan against all parties, including tax authorities. (Paras 9, 18)

(C) Effect of Resolution Plan - Upon approval, all claims not included in the resolution plan are extinguished, nullifying the ability of the tax authority to pursue pre-CIRP debts. (Paras 9, 20)

JUDGMENT

1. The present Interlocutory Application is filed before this Tribunal under the provision of Section 60 (5) of the Insolvency and Bankruptcy Code, 2016 (“IBC”) read with Rule 11 of the National Company Law Tribunal, Rules 2016. The Applicant seeking the following substantive:

a) Set aside the demand notice No. SH/ST-II/VAT/M-115/145 dated 27.09.2024 issued by the Respondent under the Meghalaya Value Added Tax Rules, 2005 assessed under MVAT Act 2003, to Shri George Kharsati, the erstwhile director of Maxim Infrastructure & Real Estate Private Limited (Applicant) for a demand of Rs. 25,60,67,387/- (Rupees Twenty Five Crore Sixty lakh Sixty Seven Thousand Three Hundred and Eighty Seven), allegedly due by the Applicant for the period 30.09.2011 till 30.06.2017;

b) Set aside the demand notice No. SH/ST-II/VAT/M-115/145 dated 27.09.2024 issued by the Respondent under the Meghalaya Value Added Tax Rules, 2005 assessed under MVAT Act 2003, to Narayan Prasad Jhunjhunwala, the erstwhile director of Maxim Infrastructure & Real Estate Private Limited (Applicant) for a demand of Rs. 25,60,67,387/- (Rupees Twenty Five Crore Sixty lakh Sixty Seven Thousand Three Hundred and Eighty Seven), allegedly due by the Applicant for the period 30.09.2011 till 30.06.2017;

c) Set aside the demand notice No. SH/ST-II/VAT/M-115/145 dated 27.09.2024 issued by the Respondent under the Meghalaya Value Added Tax Rules, 2005 assessed under MVAT Act 2003, to Shri Pankaj Kr. Jhunjhunwala, the erstwhile director of Maxim Infrastructure & Real Estate Private Limited (Applicant) for a demand of Rs. 25,60,67,387/- (Rupees Twenty Five Crore Sixty lakh Sixty Seven Thousand Three Hundred and Eighty Seven), allegedly due by the Applicant for the period 30.09.2011 till 30.06.2017;

d) Set aside the demand notice No. SH/ST-II/VAT/M-115/145 dated 27.09.2024 issued by the Respondent under the Meghalaya Value Added Tax Rules, 2005 assessed under MVAT Act 2003, to Shri Prithu Jhunjhunwala, the erstwhile director of Maxim Infrastructure & Real Estate Private Limited (Applicant) for a demand of Rs. 25,60,67,387/- (Rupees Twenty Five Crore Sixty lakh Sixty Seven Thousand Three Hundred and Eighty Seven), allegedly due by the Applicant for the period 30.09.2011 till 30.06.2017;

e) Set aside the demand notice No. SH/ST-II/VAT/M-115/145 dated 27.09.2024 issued by the Respondent under the Meghalaya Value Added Tax Rules, 2005 assessed under MVAT Act 2003, to Shri Vikash Agarwal, the erstwhile director of Maxim infrastructure & Real Estate Private Limited (Applicant) for a demand of Rs. 25,60,67,387/- (Rupees Twenty Five Crore Sixty lakh Sixty Seven Thousand Three Hundred and Eighty Seven), allegedly due by the Applicant for the period 30.09.2011 till 30.06.2017;

f) Set aside the demand notice No. SH/ST-II/VAT/M-115/145 dated 27.09.2024 issued by the Respondent under the Meghalaya Value Added Tax Rules, 2005 assessed under MVAT Act 2003, to Smt. Jyoti Agarwal, the erstwhile director of Maxim infrastructure & Real Estate Private Limited (Applicant) for a demand of Rs. 25,60,67,387/- (Rupees Twenty Five Crore Sixty lakh Sixty Seven Thousand Three Hundred and Eighty Seven), allegedly due by the Applicant for the period 30.09.2011 till 30 06 2017;

g) Pass ad-interim order in terms of above interim order;

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

2. Submissions by the Applicant:

2.1 The Petitioner respectfully submitted that an application being CP (IB) No.4/GB/2018 was filed by Bank of India “Financial Creditor” under Section 7 of the Insolvency and Bankruptcy Code, 2016 , against Maxim Infrastructure & Real Estate Private Limited “Corporate Debtor”. The said application was admitted by this Hon’ble Tribunal vide order dated 31.08.2018 annexed as ‘Annexure B’ and the IRP was appointed to take over and manage the affairs of the Corporate Debtor in accordance with the provisions of the Code.

2.2 Upon admission of the application, the

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2026 Supreme(Online)(NCLT) 688

Approved resolution plans under the Insolvency and Bankruptcy Code extinguish all pre-CIRP claims not included, including statutory dues from tax authorities.

Cases Referred (4)