Resolution plan approval extinguishes unprovided claims, leaving the appeal abated and no longer open for adjudication.

Once a resolution plan is approved under the Insolvency and Bankruptcy Code, claims not forming part of the plan stand frozen and cease to survive. Because the approved plan is binding on stakeholders and extinguished claims cannot be pursued further, the appellate tribunal treated the appeal as no longer open for adjudication and considered itself functus officio in relation to the matter. The appeal was therefore treated as abated and disposed of accordingly.

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Issues: Whether the appeal stood abated after approval of the resolution plan under the Insolvency and Bankruptcy Code, 2016.

Analysis: Once the resolution plan had been approved by the adjudicating authority, the claims not forming part of the plan stood frozen and ceased to survive. In view of the binding effect of the approved resolution plan on stakeholders and the settled position that no proceedings can be continued in respect of extinguished claims, the appellate tribunal treated the matter as no longer open for adjudication and became functus officio in relation to the appeal.

Conclusion: The appeal stood abated and was disposed of accordingly.

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