In a recent case, the Supreme Court dismissed the Special Leave Petition (SLP) challenging the Bombay High Court order that refused the claim of Revenue, citing the National Company Law Tribunal (NCLT)’s approval of the Resolution Plan. The NCLT approved the Resolution Plan on 14th October 2022, which is binding on all stakeholders of the assessee, including Revenue.
The bench comprising Justice J.B. Pardiwala and Justice K.V. Viswanathan observed that there was a gross delay of 308 days in filing the Special Leave Petition, which had not been satisfactorily explained by the petitioners. The counsel appearing for the petitioners (Revenue) fairly submitted that similar Special Leave Petitions had already been dismissed…