Case Law Details
Department of State Tax Vs Dar Media Pvt. Ltd. & Anr. (NCLAT Delhi)
Introduction: In a pivotal judgment, the National Company Law Appellate Tribunal (NCLAT) in Delhi dismissed an appeal by the Department of State Tax against Dar Media Pvt. Ltd. & Anr., setting a precedent on the timeliness of claim submissions in the Corporate Insolvency Resolution Process (CIRP). The crux of the matter revolved around the Department of State Tax’s attempt to submit a claim after the Committee of Creditors (CoC) had already approved the resolution plan, a move deemed out of bounds by the adjudicating mechanisms.
Detailed Analysis: The Department of State Tax sought to introduce a claim well beyond the deadline set during the CIRP of Dar Media Pvt. Ltd., a move that was subsequently rejected by the Resolution Professional on the grounds that the CoC had already approved the resolution plan. This action was predicated on the procedural timeline established at the outset of the CIRP, which dictated a last date for the submission of claims.
Key points of consideration in the NCLAT’s judgment included:
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