Prior claims against Corporate Debtor stood extinguished consequent to approval of resolution plan under IBC

Uttam Value Steels Ltd Vs ACIT (Bombay High Court)

Conclusion: Since upon the completion of Corporate Insolvency Resolution Process (CIRP),  assessee had changed hands and commenced under a new ownership and management, the Bombay High Court held that tax proceedings pertain to period prior to the CIRP, and consequent

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