Case Law Details
Taguda Pte. Limited Vs Subodh Kumar Agrawal (NCLT Mumbai)
NCLT held that all the past liabilities arising out of any levies/tax dues to any government authorities, etc. which are not part of the Resolution Plan and pertaining to Corporate Insolvency Process period shall stand extinguished from the date of approval of the Resolution Plan.
FULL TEXT OF THE NCLT JUDGMENT/ORDER
1. It is an IA/887/2022 filed by the Taguda Pte. Limited (Resolution Applicant) under section 60(5) of Insolvency and Bankruptcy Code, 2016 read with Rule 11 of NCLT Rules, 2016, against Subodh Kumar Agrawal, RP of Ushdev International Limited, seeking modification of the order dated 03.02.2022 in IA/1447/2021, limited up to waivers as sought under the Resolution Plan. However, the Applicant had missed out to mention and seek reliefs with respect to some of the waivers. Simultaneously, the Applicant has filed another IA/1606/2022 seeking the missed-out reliefs with respect to the waivers as sought under the Resolution Plan. On the request of the Applicant Counsel, both the applications were tagged together and same has been dealt accordingly.
2. On perusal of the Application, it reveals that this Tribunal while approving the Resolution Plan has ordered and directed that all the past liabilities arising out of any levies/tax dues to any government authorities, etc. which are not part of the Resolution Plan and pertaining to pre-Corporate Insolvency Process period shall stand extinguished from the date of approval of the Resolution Plan. Further, this Tribunal ordered that any waiver sought in the Resolution Plan shall be subject to approval of the concerned Authorities. As a consequence, thereof, the said order essentially does not allow the specific waivers sought in the Resolution Plan even though the same has been entirely approved by the CoC. Thus, the Applicant is seeking specific waivers of various liabilities which includes the liabilities accrued during the CIRP period, liabilities which shall occur till the closing date (as defined under the Resolution Plan) and liabilities which shall arise on implementation of the Resolution Plan.
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