Refund of Old Income Tax Adjustment is not allowable after approval of resolution plan by NCLT: Orissa HC

The Orissa High Court held that the refund of old income tax adjustments is not allowable after the approval of a resolution plan by the NCLT (National Company Law Tribunal). This ruling aligns with the principle that once a resolution plan is approved under the Insolvency and Bankruptcy Code (IBC), it binds all stakeholders, and any claims or adjustments from the pre-resolution period that were not part of the plan cannot be entertained separately.