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Rajasthan HC strikes down demand notices, upholds binding nature of Resolution Plan April 16, 2020
Published in: Articles
While every care has been taken in the preparation of this case summary to ensure its accuracy at the time of publication, Vaish Associates Advocates assumes no responsibility for any errors which despite all precautions, may be found therein The material contained in this document does not constitute/substitute professional advice that may be required before acting on any matter.
An issue plaguing successful resolution applicants under the Insolvency and Bankruptcy Code, 2016 (“IBC”) is with respect to government claims pertaining to the period prior to approval of the Resolution Plan. Government claims, such as those raised by the Income Tax Department, Central and State GST Department, extinguished by resolution plans continue to be pursued by such departments by way of issuance of demand notices under respective statutes.
UltraTech Nathdwara Cement Ltd. (formerly Binani Cements Ltd.) (“UNCL”) had filed a Writ Petition on the issue in the Rajasthan High Court, Jodhpur, for quashing the demand notices/ orders issued by the Tax Departments with respect to dues pertaining to the period prior to the approval of the Resolution Plan. The demand notices etc. were primarily with respect to disputes for the period prior to the corporate insolvency resolution contested by the Corporate Debtor i.e. Binani Cements Ltd.
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DOWNLOAD NEWSLETTERMr. Bomi F. Daruwala: [email protected]
