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1 - 9 of 9 (0.49 seconds)Section 32A in The Income Tax Act, 1961 [Entire Act]
Section 31 in The Income Tax Act, 1961 [Entire Act]
Section 238 in The Income Tax Act, 1961 [Entire Act]
Section 7 in The Income Tax Act, 1961 [Entire Act]
Section 9 in The Income Tax Act, 1961 [Entire Act]
Section 2 in The Income Tax Act, 1961 [Entire Act]
Manish Kumar vs Union Of India on 19 January, 2021
4. The Hon'ble Supreme Court in the case of Manish Kumar v. Union of
India, (2021) 5 SCC 1 has put forth "The Clean Slate" principle with' respect to
the prior liabilities of the Corporate Debtor/Assessee after approval of the
Resolution Plan by the Adjudicating Authority.
Swiss Ribbons Pvt. Ltd. vs Union Of India on 25 January, 2019
5. Further, the Hon'ble Supreme Court in a landmark judgment in the matter
of Swiss Ribbons (P) Ltd. v. Union of India, (2019) 4 SCC 17, has held that: "It is
clear that once the Code gets triggered by admission of a creditor's petition under
Sections 7 to 9, the proceeding that is before the adjudicating authority, being a
collective proceeding, is a proceeding in rem." The aforesaid principle of law, laid
down by the Hon'ble Supreme Court, clarifies that the Corporate Insolvency
Resolution Proceedings, being in rem. Hence, the Order passed by an Adjudicating
Authority/NCLT/NCLAT in such proceedings shall be binding on all categories of
stakeholders mentioned under Section 31(1) of the Code read with Regulation 2(j)
of the IBBI (Grievance and Complaint Handling Procedure) Regulations, 2017.
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