Claims not part of resolution plan, shall stand extinguished

V.S. MetaCast P.Lttd. Vs DCIT (ITAT Ahmedabad) Proceeding under provisions of Insolvency and Bankruptcy Code, 2016 overrides the proceedings under the Income Tax Act, 1961. In other words, all the proceedings initiated or pending before different authorities shall stand abated in terms of approval of resolution plan by the NCLT. The Hon’ble Apex Court in judgment dated 13th April 2021 in the case of M/s. Gyanshyam Mishra and sons Private Limited -Vs- Edelweiss Asset Reconstruction Company Limited in Civil Appeal No. 8129 of 2019, was pleased to hold that once resolution plan is approved ...