The Sirpur Paper Mills Limited & Another filed a writ petition under Article 226 of the Constitution of India seeking to quash notices dated 22.09.2019, 21.10.2019, and 30.10.2019 issued by respondent Nos. 2 and 3 for the assessment year 2017-18, arguing they are illegal and non-est. The petitioners also sought a direction to prevent the respondents from reopening claims settled in insolvency proceedings. M/s. Rama Road Lines and others had initiated corporate insolvency resolution process against petitioner No. 1 under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was admitted on 18.09.2017. A resolution plan was submitted by petitioner No. 2 on 12.02.2018, revised after discussions with the committee of creditors, and finally
…The Sirpur Paper Mills Limited & Another filed a writ petition challenging notices from the Income Tax Department (respondents) for the assessment year 2017-18. These notices sought to reopen claims already settled during insolvency proceedings initiated by M/s. Rama Road Lines under Section 9 of the IBC. The corporate insolvency resolution process was initiated against petitioner No. 1, and a resolution plan was approved by the National Company Law Tribunal (NCLT) on 19.07.2018. The petitioners argued that the Income Tax Department, as an operational creditor, is bound by the resolution plan under Section 31(1) of the IBC. The resolution plan included a clause (7.5(c)) extinguishing all dues under the Income Tax Act for the period prior to the completion date. The
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Application under Section 9 of IBC by M/s.…
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The Sirpur Paper Mills Limited & Another filed a writ petition under Article 226 of the Constitution of India seeking to quash notices dated 22.09.2019, 21.10.2019, and 30.10.2019 issued by respondent Nos. 2 and 3 for the assessment year 2017-18, arguing they are illegal and non-est. The petitioners also sought a direction to prevent the respondents from reopening claims settled in insolvency proceedings. M/s. Rama Road Lines and others had initiated corporate insolvency resolution process against petitioner No. 1 under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was admitted on 18.09.2017. A resolution plan was submitted by petitioner No. 2 on 12.02.2018, revised after discussions with the committee of creditors, and finally
…The Sirpur Paper Mills Limited & Another filed a writ petition challenging notices from the Income Tax Department (respondents) for the assessment year 2017-18. These notices sought to reopen claims already settled during insolvency proceedings initiated by M/s. Rama Road Lines under Section 9 of the IBC. The corporate insolvency resolution process was initiated against petitioner No. 1, and a resolution plan was approved by the National Company Law Tribunal (NCLT) on 19.07.2018. The petitioners argued that the Income Tax Department, as an operational creditor, is bound by the resolution plan under Section 31(1) of the IBC. The resolution plan included a clause (7.5(c)) extinguishing all dues under the Income Tax Act for the period prior to the completion date. The
…Application under Section 9 of IBC by M/s.…
Resolution professional…