Aircel Limited Vs Commissioner of GST and Central Excise (CESTAT Chennai)
The Customs, Excise and Service Tax Appellate Tribunal (CESTAT), Chennai, disposed of a service tax appeal filed by Aircel Limited after noting that a resolution plan concerning the company had already been approved by the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, 2016 (IBC). Counsel for the appellant informed the Tribunal that in Company Petition (CP) (IB) No.298/2018, the common Resolution Professional had filed Interlocutory Application No.1864/2019 before the NCLT, Mumbai Bench–II, seeking approval of a resolution plan. The NCLT approved the plan through an order dated 09.06.2020. Copies of the NCLT order and earlier Tribunal orders passed in similar circumstances were placed before the Tribunal. The authorised representative for the department did not object to the request that the appeal be disposed of in view of the approved resolution plan.
The Tribunal examined the NCLT order dated 09.06.2020 and noted that three interlocutory applications had been filed by the common Resolution Professional of Aircel Limited, Dishnet Wireless Limited, and Aircel Cellular Limited seeking approval of resolution plans submitted by UV Asset Reconstruction Company Limited. The NCLT approved the resolution plans with certain modifications and held that they would be binding on the respective corporate applicants, their members, creditors, guarantors, employees, and other stakeholders, as well as on the resolution applicants.
