Income Tax dues prior to resolution plan’s approval date are extinguished: ITAT Delhi

ACIT (OSD) Vs GAIL Mangalore Petrochemicals Ltd. (ITAT Delhi)

Income Tax Appellate Tribunal (ITAT) Delhi dismissed an appeal by the Income Tax Department against GAIL Mangalore Petrochemicals Ltd. (formerly JBF Petrochemicals Limited). The case arose after the company underwent Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016. The National Company Law Tribunal (NCLT) had approved GAIL’s resolution plan, but the Income Tax Department attempted to raise claims after the plan’s approval. The ITAT upheld that no fresh claims could

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