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Claim is made more than one year after the approval of the Resolution Plan, decision in the Rainbow Papers is not applicable – Excise and Taxation Commissioner, Haryana Sales Tax Department Vs. Jalesh Kumar Grover, RP of M/s Dinesh Polytubes Pvt. Ltd. – NCLT Chandigarh Bench

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In the present case, the claim is submitted after a period of more than one year after the approval of the resolution plan by this Adjudicating Authority. We are aware of the fact that this claim of the Haryana Sales Tax Department has the first charge under Section 26 of Haryana Value Added Tax, 2003. This Bench is conscious of the decision of the Hon’ble Supreme Court in the case of State Tax Officer Vs. Rainbow Papers (2022) ibclaw.in 107 SC.
Further, it held that allowing a claim well after the approval of the Resolution Plan would derail the entire post-CIRP process and will negate all the efforts put at the Insolvency Resolution of the corporate debtor. The CIRP Process is a strict time-bound process with the objective of maximizing the value of the corporate debtor. Thus, any admission of a claim after the approval of the plan by the Adjudicating Authority is in the teeth of the objectives of the Insolvency and Bankruptcy Code, 2016.

Claim is made more than one year after the approval of the Resolution Plan, decision in the Rainbow Papers is not applicable – Excise and Taxation Commissioner, Haryana Sales Tax Department Vs. Jalesh Kumar Grover, RP of M/s Dinesh Polytubes Pvt. Ltd. – NCLT Chandigarh Bench Read Post »

Any acknowledgement in the Balance Sheets, or any part payments made thereunder can be construed as an Acknowledgement under Section 18 of the Limitation Act, 1962 – Haridas Gautamkumar Dave Vs. Indian Transformers Co. Ltd. – NCLAT New Delhi

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NCLAT held that from the ratio of the Judgement in Dena Bank (2021) ibclaw.in 69 SC, it is clear that even an offer of One-Time Settlement made within the period of Limitation can be construed as an Acknowledgement of Debt. Any acknowledgement in the Balance Sheets, or any part payments made thereunder can be construed as an Acknowledgement under Section 18 of the Limitation Act, 1962. The Hon’ble Apex Court in a catena of Judgements has laid down that it is not the date of NPA which strictly triggers the cause of action but the date of default.

Any acknowledgement in the Balance Sheets, or any part payments made thereunder can be construed as an Acknowledgement under Section 18 of the Limitation Act, 1962 – Haridas Gautamkumar Dave Vs. Indian Transformers Co. Ltd. – NCLAT New Delhi Read Post »

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