Insolvency and Bankruptcy Code, 2016 – Income Tax Demands Post Approval of Resolution Plan – Statutory Dues Not Forming Part of the Resolution Plan Stand Extinguished. Once a Resolution Plan is duly approved under Section 31(1) of the Insolvency and Bankruptcy Code, 2016, all claims not forming part of the plan shall stand extinguished, including statutory dues owed to the Government. No fresh demands can be enforced thereafter....
Statutory dues not forming part of the approved Resolution Plan stand extinguished, and no fresh claims can be raised post-approval. A successful Resolution Applicant must be allowed to restart the Co...
