Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2021 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (9) TMI 437 - AT - Insolvency and BankruptcyDistribution of the dues in the Resolution Plan including dues of statutory authorities - Resolution plan already approved - dues of appellant approved by CoC in its commercial wisdom - case of appellant is that its quite surprising that the Appellant - Operational Creditor has been given a 99% haircut and the Learned Counsel is expressing doubts in the manner in which CIRP was conducted - HELD THAT:- Hon'ble Supreme Court in the matter of GHANASHYAM MISHRA AND SONS PRIVATE LIMITED THROUGH THE AUTHORIZED SIGNATORY VERSUS EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED THROUGH THE DIRECTOR & ORS. [2021 (4) TMI 613 - SUPREME COURT] has held that once a resolution plan is duly approved by the Adjudicating Authority under subsection (1) of Section 31, the claims as provided in the resolution plan shall stand 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. On the date of approval of resolution plan by the Adjudicating Authority, all such claims, which are not a part of resolution plan, shall stand 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. As it is found that Committee of Creditors in the present matter has taken a discussion with regard to distribution of the dues in the Resolution Plan including dues of statutory authorities, it is found that this is a matter where interference in the impugned order accepting a Resolution Plan is called for. The dues of the Appellant are admittedly operational dues and the Resolution Plan has dealt with the dues. The appeal cannot be entertained.
|