If Corporate Debtor has not deposited GST charged from the customers and Input Tax Credit (ITC) u/s 16 of CGST Act, 2017 claimed by customers has been reversed by GST Department, the customers are required to file their claim during CIRP on time | No claim can be admitted after Resolution Plan approved by CoC – Abnco Vie Win Ent Pvt. Ltd. Vs. Steamline Industries Ltd. – NCLT Mumbai Bench
In this case, Corporate Debtor has not deposited GST to government, GST department reversed ITC was taken by customers. The customer does not file claim before approval of resolution plan by CoC.
NCLT Mumbai Bench held that:
(i) The purpose of issuing public notice is to make all the interested parties/stakeholders aware of the initiation of the CIRP of the Corporate Debtor and the information memorandum which is issued subsequently, after the collection and collation of claims of the Operational and Financial Creditors to provide the Resolution Applicant so that a legally and financially sound Resolution Plan for the Corporate Debtor is received.
(ii) The Resolution Plan has been approved by the CoC as on 04.12.2019 and also has been submitted to this Tribunal for necessary approval on 20.12.2019 under Section 30 of the Code. Any interruption in the CIRP process at this stage by including the delayed claim would amount to setting the clock back. It would be complete disruption of the CIRP and the timelines stipulated therein.
(iii) IA rejected.