Vaibhav Goel vs Deputy Commissioner Of Income Tax

The Supreme Court examined the validity of the resolution plan approved by the NCLT concerning the corporate debtor M/s. Tehri Iron and Steel Casting Ltd., which included a liability of Rs.16.85 crore towards the Income Tax Department for the assessment year 2014-15. The Court considered whether the resolution process and the approval of the plan adhered to the provisions of the Insolvency and Bankruptcy Code, 2016, and relevant tax laws. The judgment focused on the procedural and substantive correctness of the resolution plan and the liability disclosures. The Court upheld the plan's approval, emphasizing the importance of proper resolution procedures in insolvency cases.