All Govt. authorities are also bound by a Resolution Plan once it is approved by NCLT u/s 31(1) of IBC: SC

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  • Last Updated on 29 December, 2021

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Corporate insolvency resolution process - Resolution plan - Approval of

Case details: Commissioner of Income-tax v. Jet Airways (India) Ltd - [2021] 133 taxmann.com 233 (SC)

Judiciary and Counsel Details

    • Sanjay Kishan Kaul and M.M.Sundresh, JJ.
    • Balbir Singh, ASG, Ms. Rana Mukherjee, Sr. Adv., Ms. Rachna Srivastava, Ms. Rekha Pandey, Manish Pushkarna, Udai Khanna, Advs. and Mrs. Anil Katiyar, AOR for the Appellant. 
    •  Ujjwal A. Rana and H. Mehta, Advs. for the Respondent.

Facts of the Case

In the instant case, the question that was arose was whether all Government authorities are also bound by a Resolution Plan once it is approved by adjudicating authority under sub-section (1) of section 31?

Referring to the case law in the matter of Ghanashyam Mishra & Sons (P.) Ltd. v. Edelweiss Asset Reconstruction Co. Ltd. [2021] 126 taxmann.com 132 (SC), the Supreme Court opined that once the resolution plan is approved by the Adjudicating Authority, it shall also be binding on the Government authorities.

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