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Jun 30, 2021

Claims Not Part of Resolution Plan Get Extinguished on Approval of the Resolution Plan

The Supreme Court in Ghanashyam Mishra and Sons Private Ltd. v. Edelweiss Asset Reconstruction Company Private Limited[1] held that the resolution plan, once approved, stands frozen, and will be binding on the corporate debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority, guarantors and other stakeholders. It was further held that any debt with respect to the payment of dues arising under any applicable law, including an amount owed to the Central Government, any State Government or any local authority, which does not form a part of the approved resolution plan, will stand extinguished upon approval of the resolution plan, and no person will be entitled to initiate or continue any proceedings in relation to such a claim.

 

[1] Ghanashyam Mishra and Sons Private v. Edelweiss Asset Reconstruction Company Pvt. Ltd., 2021 SCC Online SC 313.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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