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2022 (8) TMI 932 - AT - Insolvency and BankruptcyResolution Plan approved, with some modifications - forwarding all records relating to conduct of the corporate insolvency resolution process and the resolution plan to the IBBI to be recorded on its database - section 31(1) of I&B Code - HELD THAT:- Hon’ble Supreme Court in the case of Ghanashyam Mishra and Sons Private Limited Vs. Edelweiss Asset Reconstruction Company Limited & Ors. [2021 (4) TMI 613 - SUPREME COURT] has held 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 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. This appeal is covered by the aforesaid judgement - the impugned order is hereby affirmed - appeal dismissed.
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