HC directs department to refund Service Tax Recovered in excess of amount approved by resolution plan

GGS Infrastructure Private Limited Vs Commissioner of CGST & Central Excise (Bombay High Court) Once a resolution plan is approved by the committee of creditors by the requisite percentage of voting and the same is thereafter sanctioned by the adjudicating authority (Tribunal in this case), the same is binding on all the stakeholders including the operational creditors. As a matter of fact, respondent herein as an operational creditor had lodged its claim before the resolution professional. The resolution plan provides for settlement of service tax dues at 5% of the amount of principal due...