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Issues: Whether a pending challenge under Section 34 of the Arbitration and Conciliation Act, 1996 to an arbitral award becomes infructuous after approval of a resolution plan under Section 31 of the Insolvency and Bankruptcy Code, 2016, where the award-holder's claim is not part of the resolution plan.
Analysis: The approved resolution plan binds the corporate debtor and other stakeholders, and claims not forming part of the plan stand extinguished. The decision recognises that a successful resolution applicant must receive the corporate debtor on a fresh slate and should not be faced with undecided or omitted claims after approval of the plan. The court also held that the earlier orders would not prevent reconsideration of maintainability because the legal position had materially changed after the later Supreme Court rulings. On the facts, the award-holder had sufficient opportunity under the insolvency process to lodge its claim, and the pendency of the Section 34 proceeding did not preserve the claim where the plan had already been approved.
Conclusion: The Section 34 proceeding could not meaningfully continue after approval of the resolution plan, and the award-holder's claim stood extinguished to the extent it was not included in the plan.
Ratio Decidendi: Upon approval of a resolution plan under Section 31 of the Insolvency and Bankruptcy Code, 2016, claims not included in the plan stand extinguished and pending proceedings in respect of such claims become unsustainable.
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