Supreme Court Accepts Unconditional Apology From The Tax Authorities For Violating Resolution Plan

On 27th March 2025, the Honorable Supreme Court of India disposed of the contempt petition accepting unconditional apology of the Tax Authorities, Chhattisgarh. In the case of M/s. JSW Steel Limited Vs Pratishtha Thakur Haritwal and Ors the Apex Court reinforced the finality of the Resolution Plans approved by the Adjudicating Authority under the Insolvency and Bankruptcy Code, 2016 (IBC) ensuring that the approved plans are binding on all stakeholders including government.

Insolvency process was initiated against M/s. Monnet Ispat and Energy Limited, as per the provisions of IBC, in which it was determined that total debt of the company was much more than its liquidation value. An advertisement inviting claims against the Company was invited and M/s. JSW Steel Limited was declared as the Successful Resolution Applicant by the National Company Law Tribunal, pursuant to which the management of M/s. Monnet Ispat and Energy Limited was taken over by M/s. JSW Steel