9911796707
TMI Blog2023 (3) TMI 650X X X X Extracts X X X X X X X X Extracts X X X X ..... of raw materials. The petitioners are engaged in the business of manufacturing steel. One of the units of the petitioner no. 1, namely Ramswarup Loh Udyog Limited, was incorporated in 2004 and subsequently merged with the petitioner no. 1 on 18th September, 2008 pursuant to an order of merger and amalgamation approved by the Calcutta High Court. The petitioner no. 1 underwent Corporate Insolvency Resolution Process (CIRP) from 2018 onwards which culminated in approval of a Resolution Plan on 4th September, 2019. The petitioner no. 1 thereafter intended to get back to business and required raw material for transportation from various loading divisions to its siding located in Kharagpur division of South Eastern Railway. The petitioner attem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or supply of raw materials upon payment of the existing demand of the Railways. Counsel submits that the petitioners do not have any existing right over the siding or a license to use the siding. 4. The undisputed facts of the matter, as would be evident from the material before the Court, is that the CIRP of the petitioner no. 1 culminated in a Resolution Plan dated 6th March, 2019. The Resolution Plan of the petitioner no. 1, as the corporate debtor, was to come into force from the date of the pronouncement of the order passed by the NCLT, Kolkata Bench on 4th September, 2019. The Resolution Plan was confirmed by the NCLAT on 4th March, 2021. The appeal filed from the order of the NCLAT was dismissed by the Supreme Court on 4th May, 2021 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r words, all claims which are not part of the resolution plan shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect of a claim which is not part of the resolution plan. A Division Bench of this Court came to a similar conclusion in West Bengal State Electricity Distribution Company Limited vs. Sri Vasavi Industries Limited; 2022 SCC OnLine Cal 1918. 7. The above decisions make it clear that any claim not made during the course of CIRP and before approval of resolution plan shall automatically be extinguished and the corporate debtor is deemed to start its operations with a clean slate after the resolution plan is approved. In the present case, the respondent Railways admittedly failed t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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