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June 2025

Glimpses of Supreme Court Rulings

By Kishor Karia, Chartered Accountant | Atul Jasani, Advocate
Reading Time 7 mins

3. Vaibhav Goel and Ors. vs. Deputy Commissioner of Income Tax and Ors.

Civil Appeal No. 49 of 2022 Decided on: 20.03.2025

Insolvency and Bankruptcy Code - After the approval of the Resolution Plan on 21st May 2019, the Income Tax Department issued demand notices dated 26th December 2019 and 28th December 2019 under the IT Act concerning assessment years 2012-13 and 2013-14, respectively to the Corporate Debtor undergoing Corporate Insolvency Resolution Process – Held - All the dues including the statutory dues owed to the Central Government, if not a part of the Resolution Plan, shall stand extinguished and no proceedings could be continued in respect of such dues for the period prior to the date on which the adjudicating authority grants its approval under Section 31 of the Insolvency and Bankruptcy Code, 2016.

The Corporate Insolvency Resolution Process (CIRP) was initiated concerning the corporate debtor M/s. Tehri Iron and Steel Casting Ltd. ('the CD'). The Joint Resolution Applicants submitted a Resolution Plan dated 21st January 2019. The National Company Law Tribunal ('the NCLT'), vide its order dated 21st May 2019, approved the Resolution Plan submitted by the Appellants.

The Resolution Plan had referred to the liabilit

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