Ghanashyam Mishra & Sons (P.) Ltd. v. Edelweis Asset Reconstruction Co. Ltd.

9 SCC 657Reported decision2021#3603 most cited

What is Ghanashyam Mishra & Sons (P.) Ltd. v. Edelweis Asset Reconstruction Co. Ltd. authority for?

All claims, including statutory dues, that predate the approval of a resolution plan under the IBC stand extinguished by operation of law. No proceedings can be initiated or continued for such claims if they are not part of the approved plan.

33

judgments rely on this decision, according to BharatTax’s citation analysis of 366,416 Indian tax judgments — from 2022 to 2026.

Also referred to as

Ghanashyam Mishra & Sons · Edelweiss Asset Reconstruction Co Ltd · section 31(1) IBC · statutory dues · extinguished claims · resolution plan approval · NCLT approval · prior period dues · corporate insolvency resolution process

Sections most often in play

Section 148Section 14Section 143(3)Section 178(6)Section 250Section 31Section 147Section 238

Issues it is cited on

section 31(1)section 178(6)statutory duessection 238section 60section 31going concernsection 32(1)(iia)section 17section 30section 53corporate guarantee

Judgments citing Ghanashyam Mishra & Sons (P.) Ltd. v. Edelweis Asset Reconstruction Co. Ltd.

Assistant Commissioner of Income Tax, Chennai vs. Evocon Pvt Ltd, Chennai

In the result the appeal of the revenue is dismissed

ITA 1634/CHNY/2024[2017-18]Status: DisposedITAT Chennai30 Jan 2025AY 2017-18

Bench: Shri S.S. Viswanethra Ravi, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकर अपीलसं/.Ita No.: 1634/Chny/2024 िनधा"रण वष" / Assessment Year: 2017-18 The Assistant Commissioner Of M/S. Evocon Pvt Ltd Income Tax, V. S Diraviam, No.23, Anaar Flats, 3Rd Floor, Eb Office Road, Central Circle -2(2), Investigation Building, Mogappair East, Chennai – 600 034. Tamil Nadu – 600 037. [Pan:Aacce-9530-C] (अपीलाथ"/Appellant) (""यथ"/Respondent) : Shri Nilay Baran Som, Cit अपीलाथ" क" ओर से/Appellant By ""यथ" क" ओर से/Respondent By : Shri S. Sathiyanarayanan, Advocate सुनवाई की तारीख/Date Of Hearing : 12.12.2024 घोषणा की तारीख/Date Of Pronouncement : 30.01.2025

For Respondent: Shri S. Sathiyanarayanan
Section 133(6)Section 14Section 144Section 147Section 148Section 69A

…s hereinabove." 8.2 Further, the similar issue has been dealt in the following decisions and held in favour of the assessee in the Hon’ble Apex court and Hon’ble High courts: - Ghanshyam Mishra & Sons (P) Ltd Vs Edelweiss Asset Reconstruction Co. Ltd [(2021) 9 SCC 657] – SC - The National Sewing Thread Company Limited Vs Deputy Commissioner of Income Tax & Ors in WP(C) 8679 of 2024 vide order dated 24.06.2024 – Hon’ble Delhi High Court - Ired Fiveriver Pvt Ltd Vs Income Tax Department & Anr. - Hon’ble Delhi High Court - Ultra Tech Nathdwara Cement Ltd. Vs Union of India & Ors (Civil Writ Petition No. 9480 of 201…

Care Office Equipment Limited, Ahmedabad vs. The PCIT, Ahmedabad-1, Ahmedabad

In the result, the appeal filed by the Assessee is allowed

ITA 348/AHD/2023[2018-19]Status: DisposedITAT Ahmedabad04 Dec 2024AY 2018-19

Bench: Smt. Annapurna Gupta (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 14(1)Section 142(1)Section 143(1)Section 143(3)

…hri S.N. Soparkar appearing for the assessee submitted that this issue is no more res integra by the judgment of Hon’ble Supreme Court in the case of Ghanashyam Mishra & Sons Pvt. Ltd.-Vs-Edelweiss Asset Reconstruction Company Limited & Ors reported in (2021) 9 SCC 657 wherein the question before the Supreme Court was as to whether any creditor including the Central Government, State Government or any local authority is bound by the resolution plan once it is approved by the adjudicating authority under Sub-Section (1) of Section 31 of IBC? The further question before the Supreme Court was as to whether after app…

Mcnally Sayaji Engineering Limited, Kolkata vs. DCIT, Circle - 1(1), Kolkata

In the result, both the appeals are dismissed

ITA 899/KOL/2018[2009-10]Status: DisposedITAT Kolkata03 Oct 2024AY 2009-10

Bench: Shri Sanjay Garg & Shri Rakesh Mishraassessment Year: 2009-10 & Assessment Year: 2013-14 Mcnally Sayaji Engineering Deputy Commissioner Of Limited, Income Tax, Circle 1(1), Ecospace, Campus 2B, 11F/12 Aayakar Bhavan, P-7, (Old Plot No. Aa Ii/Blk 3), Chowringhee Square, Vs New Town, Rajarhat, Kolkata - 700069 North 24 Paragans, Kolkata - 7000156 (Pan: Aaccs5491A) (Appellant) (Respondent) Present For: Appellant By : Shri Abhishek Sureka, Ar Respondent By : Shri Rakesh Kumar Das, Cit, Dr Shri Vineet Kumar, Addl. Cit, Sr. Dr Date Of Hearing : 08.07.2024 Date Of Pronouncement : 03.10.2024 O R D E R Per Rakesh Mishra: These Two Appeals Filed By The Assessee Are Against The Two Separate Orders Of The Ld. Commissioner Of Income Tax, Kolkata-I, Kolkata (Hereinafter Referred To As “The Ld. Cit”) Passed U/S 250 Of The Income Tax Act, 1961 (Hereinafter Referred To As “The Act”) For Ays 2009-10 & 2013- 14, Dated 28.02.2018 & 13.03.2018 Respectively. Both The Appeals Were Heard Together & Are Being Disposed Of Vide This Common Order For The Sake Of Brevity & Convenience. Mcnally Sayaji Engineering Limited.: Ays: 2009-10 & 2013-14 2. The Grounds Of Appeal Raised By The Assessee Are Reproduced As Under:

For Appellant: Shri Abhishek Sureka, ARFor Respondent: Shri Rakesh Kumar Das, CIT, DR
Section 234CSection 250Section 37Section 40

…to whom a debt in respect of payment of dues arising under any law for the time being in force. The Supreme Court in the matter of Ghanashyam Mishra & Sons (P.) Ltd. V. Edelweiss Asset Reconstruction Co. Ltd. [2021] 126 taxmann.com 132/166 SCL 237 (SC) [2021] 9 SCC 657 has considered the scope of section 31 (1) of the IBC and has held that once the resolution plan is sanctioned under section 31(1) of the IBC, the claims provided in the plan will McNally Sayaji Engineering Limited.: AYs: 2009-10 and 2013-14 stand frozen and all such claims which are not part of the plan will stand extinguished. [Para 9.2] ■ The la…

Mcnally Sayaji Engineering Limited, Kolkata vs. DCIT, Circle - 1(1), Kolkata

In the result, both the appeals are dismissed

ITA 1145/KOL/2018[2013-14]Status: DisposedITAT Kolkata03 Oct 2024AY 2013-14

Bench: Shri Sanjay Garg & Shri Rakesh Mishraassessment Year: 2009-10 & Assessment Year: 2013-14 Mcnally Sayaji Engineering Deputy Commissioner Of Limited, Income Tax, Circle 1(1), Ecospace, Campus 2B, 11F/12 Aayakar Bhavan, P-7, (Old Plot No. Aa Ii/Blk 3), Chowringhee Square, Vs New Town, Rajarhat, Kolkata - 700069 North 24 Paragans, Kolkata - 7000156 (Pan: Aaccs5491A) (Appellant) (Respondent) Present For: Appellant By : Shri Abhishek Sureka, Ar Respondent By : Shri Rakesh Kumar Das, Cit, Dr Shri Vineet Kumar, Addl. Cit, Sr. Dr Date Of Hearing : 08.07.2024 Date Of Pronouncement : 03.10.2024 O R D E R Per Rakesh Mishra: These Two Appeals Filed By The Assessee Are Against The Two Separate Orders Of The Ld. Commissioner Of Income Tax, Kolkata-I, Kolkata (Hereinafter Referred To As “The Ld. Cit”) Passed U/S 250 Of The Income Tax Act, 1961 (Hereinafter Referred To As “The Act”) For Ays 2009-10 & 2013- 14, Dated 28.02.2018 & 13.03.2018 Respectively. Both The Appeals Were Heard Together & Are Being Disposed Of Vide This Common Order For The Sake Of Brevity & Convenience. Mcnally Sayaji Engineering Limited.: Ays: 2009-10 & 2013-14 2. The Grounds Of Appeal Raised By The Assessee Are Reproduced As Under:

For Appellant: Shri Abhishek Sureka, ARFor Respondent: Shri Rakesh Kumar Das, CIT, DR
Section 234CSection 250Section 37Section 40

…to whom a debt in respect of payment of dues arising under any law for the time being in force. The Supreme Court in the matter of Ghanashyam Mishra & Sons (P.) Ltd. V. Edelweiss Asset Reconstruction Co. Ltd. [2021] 126 taxmann.com 132/166 SCL 237 (SC) [2021] 9 SCC 657 has considered the scope of section 31 (1) of the IBC and has held that once the resolution plan is sanctioned under section 31(1) of the IBC, the claims provided in the plan will McNally Sayaji Engineering Limited.: AYs: 2009-10 and 2013-14 stand frozen and all such claims which are not part of the plan will stand extinguished. [Para 9.2] ■ The la…

Aircel Celllular Limited, Chennai vs. DCIT, Corporate Cricle 1(1), Chennai

ITA 1605/CHNY/2023[2017-18]Status: DisposedITAT Chennai14 Aug 2024AY 2017-18

Bench: Hon’Ble Shri Manu Kumar Giri, Jm & Shri S.R. Raghunathaआयकर अपील सं./Ita Nos.1602, 1603, 1604 & 1605/Chny/2023 िनधा"रण वष"/Assessment Years: 2006-07, 2012-2013, 2013-14 & 2017-2018 Aircel Cellular Limited, The Deputy Commissioner Of Income 769, Spencer Plaza, Vs. Tax, Mount Road, Corporate Circle 1(1) Chennai 600 002. Chennai. Pan: Aaacr 5136R (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/Appellant By : Mr. K. Venkatesh Prabhu, Fca ""यथ"क"ओरसे/Respondent By : Mr. V. Nandakumar, Irs, Cit. सुनवाईक"तारीख/Date Of Hearing : 02.07.2024 घोषणाक"तारीख/Date Of Pronouncement : 14.08.2024 आदेश /O R D E R Per Manu Kumar Giri () These Four Appeals Filed By The Assessee Are Directed Against The Separate Orders Of The Ld. Commissioner Of Income Tax(Appeals)(Nfac) Delhi [Cit(A)] Dated 17.10.2023 For Assessment Year 2006-2007, Dated27.10.2023

For Appellant: Mr. K. Venkatesh Prabhu, FCAFor Respondent: Mr. V. Nandakumar, IRS, CIT
Section 143(3)Section 260Section 30Section 31(1)

…आयकरअपील"यअ"धकरण, बी,"यायपीठ,चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘B ’ BENCH, CHENNAI माननीय "ी मनु कुमार "ग"र, "या"यक सद"य एवं "ी एस.आर. रघुनाथा, लेखा सद"य के सम" BEFORE HON’BLE SHRI MANU KUMAR GIRI, JM AND SHRI S.R. RAGHUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.1602, 1603, 1604 & 1605/CHNY/2023 िनधा"रण वष"/Assessment Years: 2006-07, 2012-2013, 2013-14 & 2017-2018 Aircel Cellular Limited, The Deputy Commissioner of Income 769, Spencer Plaza, Vs. Tax, Mount Road, Corporate Circle 1(1) Chennai 600 002. Chennai. PAN: AAACR 5136R (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/Appellant by : Mr.…

Aircel Cellular Limited, Chennai vs. DCIT, Corporate Circle 1(1), Chennai

ITA 1604/CHNY/2023[2013-14]Status: DisposedITAT Chennai14 Aug 2024AY 2013-14

Bench: Hon’Ble Shri Manu Kumar Giri, Jm & Shri S.R. Raghunathaआयकर अपील सं./Ita Nos.1602, 1603, 1604 & 1605/Chny/2023 िनधा"रण वष"/Assessment Years: 2006-07, 2012-2013, 2013-14 & 2017-2018 Aircel Cellular Limited, The Deputy Commissioner Of Income 769, Spencer Plaza, Vs. Tax, Mount Road, Corporate Circle 1(1) Chennai 600 002. Chennai. Pan: Aaacr 5136R (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/Appellant By : Mr. K. Venkatesh Prabhu, Fca ""यथ"क"ओरसे/Respondent By : Mr. V. Nandakumar, Irs, Cit. सुनवाईक"तारीख/Date Of Hearing : 02.07.2024 घोषणाक"तारीख/Date Of Pronouncement : 14.08.2024 आदेश /O R D E R Per Manu Kumar Giri () These Four Appeals Filed By The Assessee Are Directed Against The Separate Orders Of The Ld. Commissioner Of Income Tax(Appeals)(Nfac) Delhi [Cit(A)] Dated 17.10.2023 For Assessment Year 2006-2007, Dated27.10.2023

For Appellant: Mr. K. Venkatesh Prabhu, FCAFor Respondent: Mr. V. Nandakumar, IRS, CIT
Section 143(3)Section 260Section 30Section 31(1)

…आयकरअपील"यअ"धकरण, बी,"यायपीठ,चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘B ’ BENCH, CHENNAI माननीय "ी मनु कुमार "ग"र, "या"यक सद"य एवं "ी एस.आर. रघुनाथा, लेखा सद"य के सम" BEFORE HON’BLE SHRI MANU KUMAR GIRI, JM AND SHRI S.R. RAGHUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.1602, 1603, 1604 & 1605/CHNY/2023 िनधा"रण वष"/Assessment Years: 2006-07, 2012-2013, 2013-14 & 2017-2018 Aircel Cellular Limited, The Deputy Commissioner of Income 769, Spencer Plaza, Vs. Tax, Mount Road, Corporate Circle 1(1) Chennai 600 002. Chennai. PAN: AAACR 5136R (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/Appellant by : Mr.…

Aircel Cellular Limited, Chennai vs. DCIT, Corporate Circle 1(1), Chennai

ITA 1603/CHNY/2023[2012-13]Status: DisposedITAT Chennai14 Aug 2024AY 2012-13

Bench: Hon’Ble Shri Manu Kumar Giri, Jm & Shri S.R. Raghunathaआयकर अपील सं./Ita Nos.1602, 1603, 1604 & 1605/Chny/2023 िनधा"रण वष"/Assessment Years: 2006-07, 2012-2013, 2013-14 & 2017-2018 Aircel Cellular Limited, The Deputy Commissioner Of Income 769, Spencer Plaza, Vs. Tax, Mount Road, Corporate Circle 1(1) Chennai 600 002. Chennai. Pan: Aaacr 5136R (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/Appellant By : Mr. K. Venkatesh Prabhu, Fca ""यथ"क"ओरसे/Respondent By : Mr. V. Nandakumar, Irs, Cit. सुनवाईक"तारीख/Date Of Hearing : 02.07.2024 घोषणाक"तारीख/Date Of Pronouncement : 14.08.2024 आदेश /O R D E R Per Manu Kumar Giri () These Four Appeals Filed By The Assessee Are Directed Against The Separate Orders Of The Ld. Commissioner Of Income Tax(Appeals)(Nfac) Delhi [Cit(A)] Dated 17.10.2023 For Assessment Year 2006-2007, Dated27.10.2023

For Appellant: Mr. K. Venkatesh Prabhu, FCAFor Respondent: Mr. V. Nandakumar, IRS, CIT
Section 143(3)Section 260Section 30Section 31(1)

…आयकरअपील"यअ"धकरण, बी,"यायपीठ,चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘B ’ BENCH, CHENNAI माननीय "ी मनु कुमार "ग"र, "या"यक सद"य एवं "ी एस.आर. रघुनाथा, लेखा सद"य के सम" BEFORE HON’BLE SHRI MANU KUMAR GIRI, JM AND SHRI S.R. RAGHUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.1602, 1603, 1604 & 1605/CHNY/2023 िनधा"रण वष"/Assessment Years: 2006-07, 2012-2013, 2013-14 & 2017-2018 Aircel Cellular Limited, The Deputy Commissioner of Income 769, Spencer Plaza, Vs. Tax, Mount Road, Corporate Circle 1(1) Chennai 600 002. Chennai. PAN: AAACR 5136R (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/Appellant by : Mr.…

Aircel Cellular Limited, Chennai vs. DCIT, Corporate Circle 1(1), Chennai

ITA 1602/CHNY/2023[2006-07]Status: DisposedITAT Chennai14 Aug 2024AY 2006-07

Bench: Hon’Ble Shri Manu Kumar Giri, Jm & Shri S.R. Raghunathaआयकर अपील सं./Ita Nos.1602, 1603, 1604 & 1605/Chny/2023 िनधा"रण वष"/Assessment Years: 2006-07, 2012-2013, 2013-14 & 2017-2018 Aircel Cellular Limited, The Deputy Commissioner Of Income 769, Spencer Plaza, Vs. Tax, Mount Road, Corporate Circle 1(1) Chennai 600 002. Chennai. Pan: Aaacr 5136R (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/Appellant By : Mr. K. Venkatesh Prabhu, Fca ""यथ"क"ओरसे/Respondent By : Mr. V. Nandakumar, Irs, Cit. सुनवाईक"तारीख/Date Of Hearing : 02.07.2024 घोषणाक"तारीख/Date Of Pronouncement : 14.08.2024 आदेश /O R D E R Per Manu Kumar Giri () These Four Appeals Filed By The Assessee Are Directed Against The Separate Orders Of The Ld. Commissioner Of Income Tax(Appeals)(Nfac) Delhi [Cit(A)] Dated 17.10.2023 For Assessment Year 2006-2007, Dated27.10.2023

For Appellant: Mr. K. Venkatesh Prabhu, FCAFor Respondent: Mr. V. Nandakumar, IRS, CIT
Section 143(3)Section 260Section 30Section 31(1)

…आयकरअपील"यअ"धकरण, बी,"यायपीठ,चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘B ’ BENCH, CHENNAI माननीय "ी मनु कुमार "ग"र, "या"यक सद"य एवं "ी एस.आर. रघुनाथा, लेखा सद"य के सम" BEFORE HON’BLE SHRI MANU KUMAR GIRI, JM AND SHRI S.R. RAGHUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.1602, 1603, 1604 & 1605/CHNY/2023 िनधा"रण वष"/Assessment Years: 2006-07, 2012-2013, 2013-14 & 2017-2018 Aircel Cellular Limited, The Deputy Commissioner of Income 769, Spencer Plaza, Vs. Tax, Mount Road, Corporate Circle 1(1) Chennai 600 002. Chennai. PAN: AAACR 5136R (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/Appellant by : Mr.…

M/S Kohinoor Steel Pvt. Ltd., Kolkata vs. I.T.O., Ward-3(3), Kolkata

In the result, the appeal filed by the assessee in ITA No

ITA 27/KOL/2020[2012-13]Status: DisposedITAT Kolkata19 Feb 2024AY 2012-13

Bench: Dr. Manish Borad & Shri Anikesh Banerjee]

Section 14Section 143(3)Section 15Section 250Section 68Section 9

…bers, creditors including the Central Government, any State Government or any local authority to whom a debt in respect of payment of dues arising under any law for the time being in force. The Hon’ble Supreme Court in the matter of Ghanashyam Mishra ((2021) 9 SCC 657) has considered the scope of Section 31 (1) of the IBC and has held that once the resolution plan is sanctioned under Section 31(1) of the IBC, the claims provided in the plan will 10 I.T.A. No.27/Kol/2020 Assessment Years: 2012-13 M/s Kohinoor Steel Pvt. Ltd. stand frozen and all such claims which are not part of the plan will stand extinguished…

The Commissioner of Income Tax - International Taxation -1 vs. Augustus Capital Pte. Ltd

The appeal is disposed of, in the aforesaid terms

ITA/405/2022HC Delhi30 Nov 2023

Bench: HON'BLE MR. JUSTICE RAJIV SHAKDHER,HON'BLE MR. JUSTICE GIRISH KATHPALIA

Section 142(1)Section 143(2)Section 9(1)(i)

…ee Sankaracharya University of Sanskrit & Ors. vs. Dr. Manu & Anr., 2023 SCC OnLine SC 640; Commissioner of Income Tax v. Naresh Kumar, (2014) 362 ITR 256 (Delhi); Ghanashyam Mishra & Sons Private Limited vs. Edelweiss Asset Reconstruction Co. Ltd., (2021) 9 SCC 657] (vii) There is no impediment in law in Courts relying upon speeches made by the concerned Minister while introducing legislation [See Ghanshyam Mishra & Sons Private Limited vs Edelweiss Asset Reconstruction Co. Ltd., (2021) 9 SCC 657]. Reasons and Analysis 13. Having heard the learned counsel for the parties, as indicated right at the o…

The Commissioner of Income Tax - International Taxation -1 vs. Augustus Capital Pte. Ltd

The appeal is disposed of, in the aforesaid terms

ITA-405/2022HC Delhi30 Nov 2023
Section 142(1)Section 143(2)Section 9(1)(i)

…ee Sankaracharya University of Sanskrit & Ors. vs. Dr. Manu & Anr., 2023 SCC OnLine SC 640; Commissioner of Income Tax v. Naresh Kumar, (2014) 362 ITR 256 (Delhi); Ghanashyam Mishra & Sons Private Limited vs. Edelweiss Asset Reconstruction Co. Ltd., (2021) 9 SCC 657] (vii) There is no impediment in law in Courts relying upon speeches made by the concerned Minister while introducing legislation [See Ghanshyam Mishra & Sons Private Limited vs Edelweiss Asset Reconstruction Co. Ltd., (2021) 9 SCC 657]. Reasons and Analysis 13. Having heard the learned counsel for the parties, as indicated right at the o…

Principal Commissioner of Income Tax 5, Kolkata vs. M/S. Bmr Commercial Pvt. Ltd

ITAT/152/2022HC Calcutta31 Oct 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE HIRANMAY BHATTACHARYYA

Section 7

…arges. 4 FMA 1262 of 2022 7. Hon’ble Supreme Court in the matter of Ghanshyam Mishra and Sons Private Limited Through the Authorised Signatory vs. Edelweiss Asset Reconstruction Company Limited Through the Director and Others reported in (2021) 9 SCC 657 has held that on approval of the plan, it becomes binding on the corporate debtor, its employees, members, creditors, guarantors and other stakeholders involved in the resolution plan. The legislative intent behind this is to freeze all the claims so that the resolution applicant starts on a clean slate and is not flung with any surprise claim…

Sundaresh Bhatt vs. Central Board of Indirect Taxes and Customs

C.A. No.-007667 - 2021Supreme Court26 Aug 2022

Bench: HON'BLE THE CHIEF JUSTICE

Section 13(1)(a)Section 14(4)Section 33(2)Section 33(5)Section 60(5)Section 62(1)

…ard to make an offer for the composite purchase of the assets. We may note that the Core Committee constitutes 70.3% of the financial creditors and when they have weighed in to support the stand taken by the respondent No.2 – Liquidator to continue 47 (2021) 9 SCC 657 Page 57 of 59 Civil Appeal No.7722 of 2021 and Civil Appeal No.7731 of 2021 the bid process commenced on 24th August, 2021, we do not see any reason to foist the view of the NCLAT on the respondent No.2 – Liquidator that he ought to restart the process for sale of the composite assets of the Corporate Debtor from the scratch after issuing an open…