The Calcutta High Court ruled that the Income Tax Department could not pursue certain Binani Cement tax claims arising from periods before the company’s transfer under an approved insolvency resolution plan when those claims were not included in the plan. The court also ordered the return, with applicable interest, of refunds adjusted against the disputed demand, according to a report and reproduced judgment dated September 18, 2026.
What the dispute was about
UltraTech Cement and its wholly owned subsidiary, the successful resolution applicants for Binani Cement, challenged Income Tax Department notices, orders and refund adjustments made after the resolution plan had been approved and management transferred. The challenged tax demands related to earlier assessment years.
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The specific dispute involved three refunds for assessment year (AY) 2019–20, adjusted against a demand for AY 2011–12: Rs. 1,43,46,686, Rs. 67,69,380 and Rs. 1,12,73,866. The reproduced judgment describes the underlying demands as spanning AY 2007–08 through AY 2015–16.
How the insolvency and takeover unfolded
The dates matter because insolvency proceedings, approval of the plan and transfer of management were distinct events:
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- July 25, 2017: Binani Cement’s corporate insolvency resolution process (CIRP) began.
- November 14, 2018: The National Company Law Appellate Tribunal (NCLAT) approved the resolution plan.
- November 20, 2018: The effective date of the management takeover.
- July 26, 2019: The Supreme Court affirmed the approved plan.
The challenged demands concerned tax periods before the effective transfer date. The Supreme Court’s later affirmation should not be confused with either the NCLAT’s plan approval or the November 2018 takeover.
Why the court barred the challenged claims
The court applied section 31 of the Insolvency and Bankruptcy Code (IBC), under which an approved resolution plan binds the stakeholders covered by it. Applying the Supreme Court’s decision in Ghanshyam Mishra and Sons Private Limited v. Edelweiss Asset Reconstruction Company Limited, the Calcutta High Court treated claims relating to Binani Cement’s pre-transfer operations that were not included in the plan as extinguished. On that basis, the Department could not pursue those omitted claims through new or continuing proceedings or by adjusting the later refunds.
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The ruling is tied to the claims and periods before the court. It does not establish that every tax liability arising after a resolution plan is approved is extinguished.
What relief was reported
The case report says the court quashed the challenged notices and orders and directed that the adjusted amounts be refunded with applicable interest. It also reports that pre-transfer returns were to be accepted without reassessment. The available report and judgment reproduction are not official court-hosted copies, so the precise wording of these directions and any compliance deadline are not established here.
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What the decision means for readers
The ruling illustrates why the timing and treatment of a claim in an insolvency plan can matter even when the tax authority acts after the takeover. For this dispute, the relevant questions were whether the underlying tax period preceded the transfer, whether the claim was included in the approved plan, and whether the Department was raising or continuing a demand or adjusting a later refund.
The case is specific to Binani Cement and the claims before the court. The decision does not, by itself, resolve how a different company’s tax liability should be treated; that depends on the relevant plan, the timing and nature of the claim, and applicable law.
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