Statutory Dues Not Included in Resolution Plan Stand Extinguished Post Approval: SC

Vaibhav Goel & Anr. Vs DCIT (Supreme Court of India) Supreme Court ruled in favor of the appellants, Vaibhav Goel & Anr., in a dispute against the Income Tax Department concerning M/s. Tehri Iron and Steel Casting Ltd. (the corporate debtor) under the Insolvency and Bankruptcy Code (IBC), 2016. The case involved tax demands raised after the approval of a Resolution Plan by the National Company Law Tribunal (NCLT) on May 21, 2019. The Income Tax Department issued fresh tax demands for the assessment years 2012-13 and 2013-14, despite these liabilities not being part of the approved Reso...