# Ghanashyam Mishra and Sons Pvt. Ltd. Through Authorised Signatory Vs. Edelweiss Asset Reconstruction Company Ltd. Through the Director & Ors. Civil Appeal No. 8129 of 2019 and other appeals.

> SC judgment dated 2021-04-13. Citation: TCN-2021-SC-00051. The case involves multiple civil appeals and a writ petition concerning the applicability of…

- **Court:** SC
- **Order date:** 13 Apr 2021
- **Citation:** TCN-2021-SC-00051
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/ghanashyam-mishra-and-sons-pvt-ltd-through-authorised-signatory-vs-edelweiss-ass-9182269d

## Summary

### Background

The case involves multiple civil appeals and a writ petition concerning the applicability of resolution plans under the Insolvency and Bankruptcy Code (IBC) to statutory dues owed to the Central and State Governments. The appeals arise from orders of the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) regarding the approval of resolution plans for corporate debtors. The central issue revolves around whether governmental authorities are bound by resolution plans approved under Section 31 of the IBC and whether the 2019 amendment to Section 31 is clarificatory or substantive in nature. The cases involve various corporate debtors, including Orissa Manganese & Minerals Limited (OMML), UltraTech Nathdwara Cement Limited

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## Facts

Orissa Manganese & Minerals Limited (OMML), a corporate debtor, underwent Corporate Insolvency Resolution Process (CIRP) initiated by State Bank of India (SBI) under Section 7 of the I&B Code. The NCLT admitted the petition, appointed an Interim Resolution Professional (IRP), and initiated CIRP. Edelweiss Asset Reconstruction Company Limited (EARC), Orissa Mining Private Limited (OMPL), and Ghanashyam Mishra & Sons Private Limited (GMSPL) submitted resolution plans. EARC was initially declared the H1 bidder but failed to satisfy the CoC. GMSPL's plan was ultimately approved by the CoC with over 89.23% of the voting share. EARC challenged the approval, leading to appeals before the NCLAT, which were partially rejected. The NCLAT held that the rejection of

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## Issues and analysis

### Issue 1: Whether any creditor including the Central Government, State Government or any local authority is …

**Ratio:** The resolution plan, once approved by the adjudicating authority, is binding on all

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**Reasoning:** The court reasoned that the IBC is a complete code in itself, designed to provide a

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

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**Application:** In the cases at hand, the court applied this principle to hold that the tax

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## Parties

- **Judges:** B.R. G…; ROHINTON FALI…; +1 more
- **Appellants:** Ghanashyam…
- **Respondents:** Orissa Manganese…; Edelweiss Asset…
- **Other parties:** 7th Edition…; Commercial…; +4 more

## Timeline

- **2017-07-01 — CIRP Commencement…**: CIRP proceedings commenced for…
- **2017-07-21 — NCLT Admission…**: NCLT admitted the application filed by…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 31 — Approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-31)

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