This appeal concerns a judgment and order passed by the National Company Law Appellate Tribunal (NCLAT) on November 25, 2021. The Corporate Insolvency Resolution Process (CIRP) was initiated for the corporate debtor, Tehri Iron and Steel Casting Ltd. The appellants, Joint Resolution Applicants, had submitted a Resolution Plan dated January 21, 2019, which was approved by the National Company Law Tribunal (NCLT) on May 21, 2019. The dispute arose when the Income Tax Department (first respondent) raised demands for assessment years 2012-13 and 2013-14 after the approval of the Resolution Plan, which the appellants contested, arguing that these claims were not part of the approved plan.
The Corporate Insolvency Resolution Process (CIRP) was initiated for Tehri Iron and Steel Casting Ltd. The appellants, as Joint Resolution Applicants, submitted a Resolution Plan on January 21, 2019. The NCLT approved the Resolution Plan on May 21, 2019. The Resolution Plan referred to a liability of Rs. 16,85,79,469/- of the Income Tax Department for the assessment year 2014-15 as a contingent liability. After the Resolution Plan's approval, the Income Tax Department issued demand notices for assessment years 2012-13 and 2013-14. No claim regarding these demands was submitted to the Resolution Professional. The Monitoring Professional contested the demands, but the Income Tax Department asserted them. The NCLT dismissed the application challenging the demands, and the
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This appeal concerns a judgment and order passed by the National Company Law Appellate Tribunal (NCLAT) on November 25, 2021. The Corporate Insolvency Resolution Process (CIRP) was initiated for the corporate debtor, Tehri Iron and Steel Casting Ltd. The appellants, Joint Resolution Applicants, had submitted a Resolution Plan dated January 21, 2019, which was approved by the National Company Law Tribunal (NCLT) on May 21, 2019. The dispute arose when the Income Tax Department (first respondent) raised demands for assessment years 2012-13 and 2013-14 after the approval of the Resolution Plan, which the appellants contested, arguing that these claims were not part of the approved plan.
The Corporate Insolvency Resolution Process (CIRP) was initiated for Tehri Iron and Steel Casting Ltd. The appellants, as Joint Resolution Applicants, submitted a Resolution Plan on January 21, 2019. The NCLT approved the Resolution Plan on May 21, 2019. The Resolution Plan referred to a liability of Rs. 16,85,79,469/- of the Income Tax Department for the assessment year 2014-15 as a contingent liability. After the Resolution Plan's approval, the Income Tax Department issued demand notices for assessment years 2012-13 and 2013-14. No claim regarding these demands was submitted to the Resolution Professional. The Monitoring Professional contested the demands, but the Income Tax Department asserted them. The NCLT dismissed the application challenging the demands, and the
…The Joint Resolution…
The National Company…