# In the matter of Laxme Saai Steel Private Limited

> NCLT judgment dated 2024-02-27. Citation: TCN-2024-NCLT-02374. The case involves an application (IA(IBC)/369/2023) filed in connection with a corporate…

- **Court:** NCLT
- **Order date:** 27 Feb 2024
- **Citation:** TCN-2024-NCLT-02374
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/laxme-saai-steel-private-limited-341e494a

## Summary

### Background

The case involves an application (IA(IBC)/369/2023) filed in connection with a corporate insolvency resolution process (CIRP) initiated against M/s. Laxme Saai Steel Private Limited (Corporate Debtor) under CP(IB)/74/7/AMR/2021. Dovefin Microfinance Private Ltd filed the initial company petition. The application seeks a direction to the Principal Commissioner of Central Tax (Respondent) to refrain from executing an order (VSP-CGST-ADC-13/23-24, dated 2023-07-10) to recover amounts from the Corporate Debtor, arguing that it interferes with the revival process and is non-est in law. The resolution plan for the Corporate Debtor was approved, and a resolution applicant took over the company's assets. The Respondent, however, issued an order for tax recovery related to a

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## Facts

Dovefin Microfinance Private Ltd initiated CIRP against M/s. Laxme Saai Steel Private Limited (Corporate Debtor) via CP(IB)/74/7/AMR/2021. The CIRP was admitted on 2022-01-18, and Mr. Rajesh Chillale was appointed as the IRP and later as the Resolution Professional (RP). The RP invited Expression of Interest (EoI) and received ten applications. One resolution plan was received from Mr. Naval Kishore Khaitan, approved by the CoC on 2022-06-25 with 100% voting, and subsequently approved by the Tribunal on 2022-08-16. The Resolution Applicant paid Rs.19.01 crores towards CIRP costs, workmen dues, and payments to Operational and Financial Creditors. An amount of Rs.84,00,000/- was earmarked for Operational Creditors other than Workmen and Employees. The Principal

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## Issues and analysis

### Issue 1: Whether the Respondent's order (VSP-CGST-ADC-13/23-24, dated 2023-07-10) to recover amounts from …

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

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**Reasoning:** The court reasoned that the Respondent's order, issued after the approval of the

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**Interpretation:** Section 31 of the IBC is interpreted to mean that once a resolution plan is

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**Application:** In this case, the Respondent's order, issued after the approval of the

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Respondents:** M/s. Laxme Saai…; Principal…

## Timeline

- **2021-01-01 — Company Petiti…**: Dovefin Microfinance Private Ltd filed CP(IB)/74/7/AMR/2021 against M/s. Laxme Saai Steel…
- **2022-01-18 — CIRP Admi…**: The Company Petition was admitted, and Mr.…

## 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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