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 to the approval of the resolution plan, the tax proceedings stood extinguished. Held: Assessee-company was admitted into a CIRP by an order of NCLT, and eventually, the company came to be resolved pursuant to a resolution plan finalized by the Committee of Creditors (CoC) u/s ...