Resolution Plan Approval under IBC extinguishes Past Tax claims/Demands: Bombay HC [Read Order]
The Court reaffirmed that once a resolution plan is approved, no further proceedings can be initiated or continued for dues arising before the CIRP
By Manu Sharma - On September 16, 2024 12:03 pm - 3 mins read
The Bombay High Court has ruled that tax proceedings related to periods before the commencement of the Corporate Insolvency Resolution Process ( CIRP ) are extinguished once a resolution plan is approved. This decision follows the Assessee’s transition to new ownership and management under the CIRP. The Division Bench, comprising Justice G. S. Kulkarni and…
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