The Supreme Court has dismissed the income tax department's plea to raise pre-insolvency process demand of INR 1.86 billion against Patanjali Foods Ltd. for various assessment years, relating to now-acquired debt-ridden Ruchi Soya Industries Ltd. Informing the BSE, Patanjali Foods said with this verdict, the top court had reaffirmed the position of law that pre-insolvency process liability if not forming part of the claims, stands extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim, which is not part of the resolution plan.
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