The writ petitions concern the validity of demands raised against Adhunik Metaliks Ltd. for periods prior to the commencement of insolvency proceedings before the NCLT under the IBC. The petitioner contends that demands pertaining to periods before the insolvency commencement cannot be enforced. The court considers the implications of the Insolvency and Bankruptcy Code (IBC) on the enforceability of such demands, particularly in light of the Supreme Court's observations in Ghanashyam Mishra & Sons Private Limited v. Edelweiss Asset Reconstruction Company Limited.
Adhunik Metaliks Ltd. filed multiple writ petitions challenging demands raised by the State of Odisha for periods prior to the commencement of its insolvency proceedings. The insolvency commencement date was August 3, 2017. The resolution plan was approved by the NCLT on July 17, 2018, and made effective by the NCLAT on March 3, 2020. The demands relate to various taxes, including Orissa Value Added Tax, Orissa Entry Tax, Central Sales Tax, and Orissa Sales Tax, for periods such as 2007-2008, 2011-2013, 2015, and 2016-2017. The petitioner argues that these pre-insolvency demands cannot be enforced due to the provisions of the IBC and the Supreme Court's ruling in Ghanashyam Mishra & Sons Private Limited v. Edelweiss Asset Reconstruction Company Limited.
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The date on which the…
The date on which the National Company Law…
The writ petitions concern the validity of demands raised against Adhunik Metaliks Ltd. for periods prior to the commencement of insolvency proceedings before the NCLT under the IBC. The petitioner contends that demands pertaining to periods before the insolvency commencement cannot be enforced. The court considers the implications of the Insolvency and Bankruptcy Code (IBC) on the enforceability of such demands, particularly in light of the Supreme Court's observations in Ghanashyam Mishra & Sons Private Limited v. Edelweiss Asset Reconstruction Company Limited.
Adhunik Metaliks Ltd. filed multiple writ petitions challenging demands raised by the State of Odisha for periods prior to the commencement of its insolvency proceedings. The insolvency commencement date was August 3, 2017. The resolution plan was approved by the NCLT on July 17, 2018, and made effective by the NCLAT on March 3, 2020. The demands relate to various taxes, including Orissa Value Added Tax, Orissa Entry Tax, Central Sales Tax, and Orissa Sales Tax, for periods such as 2007-2008, 2011-2013, 2015, and 2016-2017. The petitioner argues that these pre-insolvency demands cannot be enforced due to the provisions of the IBC and the Supreme Court's ruling in Ghanashyam Mishra & Sons Private Limited v. Edelweiss Asset Reconstruction Company Limited.
The date on which the…
The date on which the National Company Law…