The court said that there is a clear violation of natural justice despite recovering 80% of the disputed tax.

Once a Resolution Plan is approved by the Adjudicating Authority under Section 31(1) of the Insolvency and Bankruptcy Code, 2016, no one can start or continue proceedings for claims not included in the plan.

Once OD benefit based on stock disclosure was accepted, it was highly improbable that the statements were fabricated or unrelated to the assessee’s business.