This case involves an appeal against a part of an order by the Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, Chandigarh, which approved a Resolution Plan submitted by the Appellant, RMS Employees Welfare Trust. The Adjudicating Authority had observed that no payment under the resolution plan was envisaged for Government dues and that the matter relating to the waiver of Government dues, including waiver of MAT liability under Section 115J of the Income Tax Act 1961, may be considered by the respective Government Department.
The RMS Employees Welfare Trust filed an appeal against a portion of the Adjudicating Authority's order dated September 14, 2018. The Adjudicating Authority, while approving the Resolution Plan submitted by the Appellant, observed that the resolution plan did not envisage payment for Government dues and suggested that the waiver of such dues, including MAT liability, could be considered by the respective Government Department. The Appellant challenged this part of the order, arguing that debts payable to the Government are 'Operational Debt' and should be paid according to the I&B Code. The core issue revolves around whether statutory dues owed to the government fall under the definition of 'Operational Debt' and whether the Adjudicating Authority can direct the
…Sign in to view the parties.
The Adjudicating Authority (National Company Law…
Meeting of COC held where it was stated that…
This case involves an appeal against a part of an order by the Adjudicating Authority (National Company Law Tribunal), Chandigarh Bench, Chandigarh, which approved a Resolution Plan submitted by the Appellant, RMS Employees Welfare Trust. The Adjudicating Authority had observed that no payment under the resolution plan was envisaged for Government dues and that the matter relating to the waiver of Government dues, including waiver of MAT liability under Section 115J of the Income Tax Act 1961, may be considered by the respective Government Department.
The RMS Employees Welfare Trust filed an appeal against a portion of the Adjudicating Authority's order dated September 14, 2018. The Adjudicating Authority, while approving the Resolution Plan submitted by the Appellant, observed that the resolution plan did not envisage payment for Government dues and suggested that the waiver of such dues, including MAT liability, could be considered by the respective Government Department. The Appellant challenged this part of the order, arguing that debts payable to the Government are 'Operational Debt' and should be paid according to the I&B Code. The core issue revolves around whether statutory dues owed to the government fall under the definition of 'Operational Debt' and whether the Adjudicating Authority can direct the
…The Adjudicating Authority (National Company Law…
Meeting of COC held where it was stated that…