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2022 (4) TMI 15 - HC - Insolvency and BankruptcyApproval of Resolution Plan - HELD THAT:- This Court, after hearing learned counsel for the parties as well as perusing the record of the case alongwith the precedent laws cited at the Bar, is of the firm opinion that once the application under Section 7 of the Code of 2016 was admitted by the NCLAT at the instance of the Bank, and thereafter, the IRP was confirmed by the resolution professional in their meeting dated 28.05.2018 which was further affirmed by the NCLAT vide its order dated 14.11.2018, then only option left to the State was to contest the same. Thus, once the Hon’ble Apex Court in on 19.11.2018 in Civil Appeal No.10998 of 2018 [2018 (11) TMI 1608 - SUPREME COURT] has categorically laid down the law that once a resolution plan is duly approved by the Adjudicating Authority under Sub-section (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and all the parties including the Corporate Debtor, employees, members, creditors, including the Central Government, any State Government or any local authority, guarantors and other stakeholders shall be bound down by such plan. The writ petitions are allowed.
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