# In the matter of Vaibhav Goel & Anr. vs. Deputy Commissioner of Income Tax & Anr.

> SC judgment dated 2025-03-20. Citation: TCN-2025-SC-00035. This appeal concerns a judgment and order passed by the National Company Law Appellate Tribunal…

- **Court:** SC
- **Order date:** 20 Mar 2025
- **Citation:** TCN-2025-SC-00035
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/vaibhav-goel-anr-vs-deputy-commissioner-of-income-tax-anr-51ad952c

## Summary

### Background

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.

## Facts

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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## Issues and analysis

### Issue 1: Whether the income tax demands raised by the Income Tax Department for the assessment years 2012-13 …

**Ratio:** Once a resolution plan is approved under Section 31(1) of the IBC, it is binding on all

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**Reasoning:** The court relied on its previous decision in Ghanashyam Mishra and Sons Pvt. Ltd., which

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**Interpretation:** Section 31(1) of the IBC, as interpreted by the Supreme Court, provides that

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**Application:** In this case, the income tax demands for the assessment years 2012-13 and

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## Parties

- **Judges:** ABHAY S…; UJJAL B…
- **Appellants:** Vaibhav Goel &…
- **Respondents:** Tehri Iron and…; Deputy Commissione…
- **Other parties:** Over Tu…

## Timeline

- **2019-01-21 — Submission of…**: The Joint Resolution Applicants…
- **2019-05-21 — Approval of Resolution…**: The National Company Law Tribunal…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 62 — Appeal to Supreme Court](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-62)

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