AI Overview...
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Resolution Plan Approval by NCLT - The resolution plan for Ruchi Soya Industries Ltd. (RSIL) was approved by the National Company Law Tribunal (NCLT), allowing for business continuity and extinguishing claims not included in the plan. The approval process involved the Committee of Creditors (CoC) and adhered to statutory requirements, ensuring the plan's legitimacy Patanjali Foods Limited VS Commissioner Of Central Excise And Service Tax - Karnataka, Ashav Advisory LLP vs Patanjali Ayurveda Limited - Delhi, M/S PATANJALI FOODS LIMITED (FORMERLY KNOWN AS M/S RUCHI SOYA INDUSTRIES LTD) vs COMMISSIONER OF CUSTOMS - Karnataka, Electrosteel Steel Limited (Now M/s ESL Steel Limited) VS Ispat Carrier Private Limited - Supreme Court, Patanjali Foods Limited Through Its Authorised Representative Mr. Vinay Kumar vs Union Of India - Madhya Pradesh, JSW Steel Limited VS Pratishtha Thakur Haritwal - Supreme Court.
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Legal Validity and Extinguishment of Claims - Once approved, the resolution plan extinguished all claims not part of it, including operational creditors' claims and security deposits, making claims not included in the plan unenforceable. This principle was upheld in multiple judgments, emphasizing that claims outside the approved plan are frozen and binding on all stakeholders, including government authorities Electrosteel Steel Limited (Now M/s ESL Steel Limited) VS Ispat Carrier Private Limited - Supreme Court, Amalgam Steel and Power Limited VS Central Coalfields Limited (CCL) - Jharkhand, JSW Steel Limited VS Pratishtha Thakur Haritwal - Supreme Court.
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Business Continuity and Compliance - The approved plan facilitated the continuation of business operations, with the NCLT emphasizing the obligation of the resolution applicant to implement the plan fully. The process involved compliance with procedural requirements, and the plan's approval was scrutinized for adherence to statutory norms, ensuring its enforceability Patanjali Foods Limited VS Commissioner Of Central Excise And Service Tax - Karnataka, Kalyani Transco VS Bhushan Power And Steel Ltd. - Supreme Court.
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Impact on Tax and Other Claims - The resolution plan resulted in the settlement of various claims, including tax liabilities, under the Insolvency and Bankruptcy Code, 2016. The plan's approval led to the extinction of claims not explicitly included, reaffirming the finality of the resolution process M/S PATANJALI FOODS LIMITED (FORMERLY KNOWN AS M/S RUCHI SOYA INDUSTRIES LTD) vs COMMISSIONER OF CUSTOMS - Karnataka, Patanjali Foods Limited Through Its Authorised Representative Mr. Vinay Kumar vs Union Of India - Madhya Pradesh.
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Judicial Observations - Courts have consistently held that the resolution plan approved by NCLT is binding and extinguishes claims outside its scope, provided statutory procedures are followed. Proper approval ensures the plan's legitimacy, and claims not included are not enforceable post-approval Electrosteel Steel Limited (Now M/s ESL Steel Limited) VS Ispat Carrier Private Limited - Supreme Court, Amalgam Steel and Power Limited VS Central Coalfields Limited (CCL) - Jharkhand.
Analysis and Conclusion:
The resolution plan of Ruchi Soya Industries Ltd., approved by NCLT, was a comprehensive process that ensured business continuity, legal validity, and the extinguishment of claims outside the plan. The approval process involved strict adherence to statutory norms, and the courts reinforced that claims not incorporated into the plan are extinguished and binding on all stakeholders. This underscores the effectiveness of the insolvency resolution mechanism under the IBC in facilitating corporate revival while finalizing creditor claims Patanjali Foods Limited VS Commissioner Of Central Excise And Service Tax - Karnataka, Ashav Advisory LLP vs Patanjali Ayurveda Limited - Delhi, M/S PATANJALI FOODS LIMITED (FORMERLY KNOWN AS M/S RUCHI SOYA INDUSTRIES LTD) vs COMMISSIONER OF CUSTOMS - Karnataka, Electrosteel Steel Limited (Now M/s ESL Steel Limited) VS Ispat Carrier Private Limited - Supreme Court, Patanjali Foods Limited Through Its Authorised Representative Mr. Vinay Kumar vs Union Of India - Madhya Pradesh.
Search Results for "Resolution Plan of Ruchi Soya Approved by Nclt"
2024 0 Supreme(Kar) 551 • India - Karnataka
S. G. PANDIT, C. M. POONACHA
approved by NCLT allows for business continuity, thus Rule 22 does not apply. ... (Paras 5, 16, 22) (B) Corporate Insolvency Resolution Process - Continuation of business - Resolution plan ... Soya) against a CESTAT order confirming excise duty demand. ... not a part of the resolution plan approved by the adjudicating authority?” ... Learned Counsel for the appellant-assessee contends that admittedly, CIRP proceedings were ordered a....
• India - Delhi High Court
VIBHU BAKHRU
") pursuant to a resolution plan approved by the NCLT on 24.07.2019 & 04.09.2019; B. ... MOU-I records that PAL, PPPL and the SPV had agreed to acquire majority of the equity shares representing not less than 98.87% of the equity share capital of RSIL (the Target Company) pursuant to a Resolution Plan approved by the NCLT. ... It is stated that the Resolution Plan for RSIL required a sum of Rs.1,104.75 crores to b....
2024 Supreme(Online)(KAR) 29655 • India - High Court of Karnataka
S.G.PANDIT, C.M. POONACHA, JJ
resolution plan, the demand stood extinguished. ... plan during the corporate insolvency resolution process. ... (Paras 6, 22) ... ... (B) Law applicable to resolution plans - Upon approval by the NCLT, all ... not a part of the resolution plan approved by the adjudicating authority?” ... Learned Counsel for the appellant-assessee contends that admittedly, CIRP proceedings were ordered against the assessee – Ruchi#HL_END....
2022 0 Supreme(Mad) 2080 • India - Madras
C. SARAVANAN
assessments under Section 147 & 148 of the Income Tax Act, 1961, after the petitioners had voluntarily filed for Corporate Insolvency Resolution ... assessments under Section 147 & 148 of the Income Tax Act, 1961, due to the petitioners' voluntary filing for Corporate Insolvency Resolution ... After the aforesaid interim order was passed, the NCLT, Mumbai approved a resolution plan on 09.06.2020. ... As such, when the resolution plan is app....
2025 0 Supreme(SC) 767 • India - Supreme Court
BELA M. TRIVEDI, SATISH CHANDRA SHARMA
Process (CIRP) - Court emphasizes the obligation of the successful resolution applicant to implement the resolution plan in letter ... Power and Steel Limited, proposed by JSW Steel, was improperly approved without adherence to statutory requirements, raising substantial ... ... ... Issues: The legitimacy of the resolution plan approval, jurisdictional misconduct by NCLAT, and compliance with mandatory ... Ltd., (2021) 9 SCC 657, and in case of Ruchi Soya#....
2025 0 Supreme(SC) 670 • India - Supreme Court
ABHAY S. OKA, UJJAL BHUYAN
plan approved by NCLT settling operational creditors' claims at nil. ... ... ... Ratio Decidendi: The court ruled that the approved resolution plan extinguished claims not included therein, rendering the ... resolution plan under IBC. ... In Ruchi Soya Industries Ltd. ... He submits that respondent had accepted the resolution plan as approved and did not prefe....
2024 Supreme(Online)(MP) 39859 • India - High Court of Madhya Pradesh
HON'BLE SHRI JUSTICE MILIND RAMESH PHADKE, J
(Paras 25, 44) ... ... Ratio Decidendi: The court ruled that the compromise scheme approved by ... The said resolution plan was approved by the Committee of Creditors of RSIL and subsequently it was approved by NCLT on 04/09/2019 and thereafter, the Petitioner acquired RSIL on clean slate basis i.e. all the claims of the creditors settled as per section 53 of the IB Code, 2016 and all the unfiled ... Ruchi Soya industries Ltd.” came to be filed bef....
2023 0 Supreme(Jhk) 1119 • India - Jharkhand
SANJAYA KUMAR MISHRA, ANANDA SEN
The court also observed that the bid security amount was not included in the approved Resolution Plan, thus the petitioner cannot ... plan is approved, claims not part of the plan stand extinguished. ... The petitioner argued that no claim survived after the resolution plan approval and challenged the forfeiture. ... The resolution plan was approved by the NCLT, Kolkata Branch, K....
2024 Supreme(Online)(KAR) 24396 • India - High Court of Karnataka
S.G.PANDIT, C.M. POONACHA
Learned Counsel for the appellant-assessee contends that admittedly, CIRP proceedings were ordered against the assessee – Ruchi Soya and consequent to the modified resolution plan approved by the committee of creditors during the CIRP, which has been approved by the NCLT, Patanjali has continued the ... Thereafter, the NCLT, vide order 24.7.2019 passed in MA No.1721/2019 and other connected matters, accepted the modified resolution ....
2025 0 Supreme(SC) 543 • India - Supreme Court
B. R. GAVAI, AUGUSTINE GEORGE MASIH
Plan is approved, all claims not part of it are frozen and binding on all stakeholders, including government authorities. ... Plan under the Insolvency and Bankruptcy Code, 2016 - The court held that all claims not included in the Resolution Plan are extinguished ... ... ... Issues: The main issues included whether the government authorities were bound by the Resolution Plan and the nature of the ... on which the Resolution Plan s....
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