Joint Commissioner of State Taxes & Excise (SEZ) Vs Radiant Castings Private Limited (NCLAT Delhi)
NCLAT Delhi held that no new claims including statutory dues can be allowed post approval of resolution plan. Accordingly, the belated claim of GST department rightly dismissed by the adjudicating authority.
Facts- The present appeal filed under Section 61 of Insolvency and Bankruptcy Code 2016 by the Appellant arises out of the Order dated 20.02.2025 passed by the Adjudicating Authority. By the impugned order, the Adjudicating Authority has rejected the application filed by the Appellant seeking recall of the order dated 30.08.2023 passed by the Adjudicating Authority approving the resolution plan of the Corporate Debtor. Aggrieved by the impugned order, the present appeal has been preferred by the Appellant-State Taxes & Excise Department (Government of Himachal Pradesh).
Conclusion- It is a well-established principle that once the Resolution Plan has been approved by the CoC, no new claims including statutory dues can be allowed. Once the plan is approved by CoC, it is binding on all stakeholders, including government bodies and statutory authorities, in accordance with Section 31 of the IBC.
Held that if the order is allowed to be recalled, and belated claims of the Appellant is allowed, it would amount to re-opening of the resolution plan which would not only be wholly impermissible but would also amount to overriding the pronouncements of the Hon’ble Apex Court in a catena of judgements. Hence, rejection of the additional claim by the RP and its affirmation by the Adjudicating Authority was a measure well within the legal framework of the IBC. The resolution plan already stands implemented and therefore cannot be reversed when the Appellant has failed to make out any ground as to how the resolution plan was non-compliant of Section 30(2) of IBC. The Resolution Plan also met the requirements of Regulations 37 and 38 of the CIRP Regulations, 2016. Hence, the Adjudicating Authority correctly held that the I.A. 5488 of 2023 is a review in disguise of recall.
