Income Tax Demand Invalid as It Was Not Part of Approved Resolution Plan: P&H HC

Drake & Scull Water & Energy India Private Limited Vs National Faceless Assessment Centre (Punjab and Haryana High Court) The Punjab and Haryana High Court allowed the writ petition and set aside an income tax demand raised against the petitioner company after approval of its resolution plan under the Insolvency and Bankruptcy Code, 2016 (IBC). The Court held that once a resolution plan is approved under Section 31(1) of the IBC, all claims not forming part of the approved resolution plan stand extinguished and cannot be enforced thereafter. The petitioner company underwent the Corpora...