The Supreme Court has allowed an appeal in a case pertaining to the Insolvency and Bankruptcy Code, 2016 and reiterated that all the dues including the statutory dues owed to the Central Government, if not a part of the Resolution Plan, shall stand extinguished.
The Appeal before the Apex Court was filed under Section 62 of the Insolvency and Bankruptcy Code, 2016 (IB Code) challenging the judgment passed by the National Company Law Appellate Tribunal (NCLAT).
The Division Bench comprising Justice Abhay S Oka and Justice Ujjal Bhuyan said, “In this case, the income tax dues of the CD for the assessment years 2012-13 and 2013-14 were not part of the approved Resolution Plan. Therefore, in view of sub-section (1) of…
