# In the matter of Adhunik Metaliks Ltd. IA (IB) No. 206-CB-2022 in 
TP No. 44-CTB-2019 Connected with

> NCLT judgment dated 2023-03-21. Citation: TCN-2023-NCLT-04105. The case involves an application filed by the successful resolution applicant of Adhunik…

- **Court:** NCLT
- **Order date:** 21 Mar 2023
- **Citation:** TCN-2023-NCLT-04105
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/adhunik-metaliks-ltd-ia-ib-no-206-cb-2022-in-tp-no-44-ctb-2019-connected-with-849723a7

## Summary

### Background

The case involves an application filed by the successful resolution applicant of Adhunik Metaliks Ltd to quash demand notices of penalty issued by the Assistant Commissioner of Income Tax, Central Circle - 1(1), Kolkata. The State Bank of India had initiated Corporate Insolvency Resolution Process (CIRP) against Adhunik Metaliks Ltd, which was admitted, and a resolution plan was approved. The respondent, Assistant Commissioner of Income Tax, issued demand notices for dues pertaining to the period prior to the approval of the resolution plan, despite not having submitted its claims during the CIRP.

## Facts

State Bank of India initiated CIRP against Adhunik Metaliks Ltd. The CIRP was initiated, and a resolution professional was appointed. A public announcement was made, inviting claims from creditors, with a deadline of 18.08.2017. The Assistant Commissioner of Income Tax, Central Circle 1(1), Kolkata (the respondent), did not submit any claims during the CIRP. A resolution plan submitted by Liberty House Group Pvt Ltd was approved on 22.06.2018. Subsequently, the respondent issued demand notices on 17.03.2022 and 15.07.2022, claiming dues of Rs.50,23,23,220/- and Rs.8,90,80,992/-, respectively, for the assessment year 2014-2015, relating to the period prior to the approval of the resolution plan. The applicant, the successful resolution applicant, filed an application to

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## Issues and analysis

### Issue 1: Whether the demand notices issued by the Assistant Commissioner of Income Tax for dues pertaining …

**Ratio:** Section 31(1) of the Insolvency and Bankruptcy Code (IBC), 2016 states that once a

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**Reasoning:** The court reasoned that the respondent's failure to submit its claims during the CIRP

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**Interpretation:** Section 31(1) of the IBC is interpreted to mean that the resolution plan, once

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**Application:** In this case, the respondent did not submit its claims during the CIRP. The

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## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Respondents:** Adhunik Metaliks…; Assistant…

## Timeline

- **2017-08-03 — CIRP Ord…**: Corporate Insolvency Resolution Process (CIRP)…
- **2017-08-18 — Last Date for…**: Last date for submission of claims by…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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