The Calcutta High Court quashed a ₹1.68 crore IGST demand against SREI Equipment Finance Limited after finding that the underlying pre-resolution-plan dues had been extinguished when the NCLT approved the company’s resolution plan. The ruling, dated 1 October 2026, also set aside a separate notice seeking interest for July and August 2021. It is a decision about the particular claims, plan and insolvency process before the court—not a ruling that all tax liability against SREI has disappeared.
What the Calcutta High Court decided
In SREI Equipment Finance Limited v. Union of India, WPA No. 6268 of 2026, Justice Aryak Dutt allowed the company’s writ petition on 1 October 2026. The court held that the dues claimed for financial year 2021–22, together with interest and penalty, stood extinguished when the NCLT approved the resolution plan on 11 August 2023. It concluded that the tax authorities could not initiate or continue proceedings over those claims after plan approval.
The court set aside the show-cause-cum-demand notice, the order-in-original, the DRC-07 summary and proceedings taken under them. It also quashed the separate notice for Section 50 interest relating to July and August 2021. The court expressly left any subsequent liability undecided. Read the judgment reproduction; CaseOn identifies the official e-Courts PDF as authoritative.
What the tax demand covered
The department alleged that SREI had availed excess input tax credit on imported goods during FY 2021–22. Its order of 29 December 2025 confirmed ₹1,68,78,057 in IGST under Section 73(9) of the Central Goods and Services Tax Act, 2017, along with interest under Section 50 and a penalty of ₹16,87,806. The judgment states the demand and penalty together as ₹1,85,65,863.
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A separate notice dated 13 January 2026 sought Section 50 interest for alleged delays in filing GSTR-3B returns for July and August 2021. The court quashed that notice as well.
Why the resolution plan mattered
SREI Equipment Finance and its holding company, SREI Infrastructure Finance, entered the corporate insolvency resolution process (CIRP) after the NCLT Kolkata Bench admitted them on 8 October 2021. The judgment records that no GST authority lodged a CIRP claim for the FY 2021–22 dues later pursued in the demand proceedings.
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The resolution plan submitted by National Asset Reconstruction Company Limited was approved by the NCLT on 11 August 2023, which the judgment treated as the plan’s Effective Date. Clause 3.2.9 addressed claims by government authorities. In substance, it provided that pre-Effective Date claims, liabilities and proceedings not specifically provided for in the plan would stand extinguished.
The court applied Section 31(1) of the Insolvency and Bankruptcy Code, 2016, under which an approved plan binds government authorities and other specified stakeholders. It also relied on Section 238, which gives the Code overriding effect in the event of inconsistency with other laws. On the facts before it, the court concluded that the unfiled, pre-plan tax dues could not be revived through a later assessment or demand.
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The judgment rejected the department’s arguments that the cause of action arose after the moratorium began and that it could adjudicate a claim separately from recovering it. The court’s reasoning follows the finality principle discussed by the Supreme Court in Committee of Creditors of Essar Steel India Ltd.: a successful resolution applicant should not face unresolved claims emerging after plan approval, which could undermine the “fresh slate” intended by the process.
Key dates in the case
| Date | Event |
|---|---|
| 8 October 2021 | NCLT Kolkata Bench admitted SREI Equipment Finance and SREI Infrastructure Finance into CIRP; the judgment says the Section 14 moratorium took effect. |
| 11 October 2021 | Public announcements invited claims. |
| 11 August 2023 | NCLT approved NARCL’s resolution plan; the judgment treats this as the Effective Date. |
| 5 January 2024 | NCLAT rejected a challenge to approval of the plan, according to the judgment. |
| 1 August 2025 | An audit query alleged erroneous IGST input tax credit for FY 2021–22. |
| 26 September 2025 | The department issued the show-cause-cum-demand notice. |
| 29 December 2025 | The department confirmed the IGST demand and penalty. |
| 13 January 2026 | The department issued the separate notice seeking interest for July and August 2021. |
| 1 October 2026 | The Calcutta High Court allowed the writ petition in WPA No. 6268 of 2026. |
What the ruling does—and does not—mean
The decision answers a narrow question: whether these particular pre-plan dues, which the judgment says were not claimed during CIRP and were not preserved under the plan, could be pursued through later proceedings. The court said no. It did not hold that every tax claim arising before or after insolvency is automatically extinguished.
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- Relevant period: The assessment concerned FY 2021–22, before NCLT approval of the plan.
- Claim in CIRP: The judgment records that no GST authority lodged a claim for the dues at issue.
- Plan terms: The court considered the plan’s treatment of government claims and liabilities not specifically provided for.
- Later liabilities: The court expressed no opinion on any subsequent liability of SREI Equipment Finance.
For another company or tax period, the result will depend on the insolvency record, the wording and approval of the particular plan, whether the claim was submitted or expressly preserved, and the applicable law. This case does not replace review of those documents or legal advice.
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