Resolution plan approval extinguishes excluded claims and makes the appellate tribunal functus officio.

Approval of a resolution plan under the insolvency regime extinguishes claims not included in the plan, so pending appellate proceedings concerning those claims cannot continue. Applying this principle and Rule 22 of the CESTAT Procedure Rules, 1982, the appellate tribunal became functus officio in respect of the matters covered by the appeal. The proceedings could not be pursued on merits after the plan's approval, and the appeal ceased to survive.

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Issues: Whether the appeal stood abated on approval of the resolution plan by the National Company Law Tribunal.

Analysis: The Resolution Plan had already been approved by the adjudicating authority, and the governing insolvency principle applied was that once such approval is granted, claims not forming part of the plan stand extinguished and proceedings relating to those claims cannot continue. The Tribunal also applied Rule 22 of the CESTAT Procedure Rules, 1982 and followed the settled view that, after approval of the resolution plan, the appellate forum becomes functus officio in matters covered by the appeal.

Conclusion: The appeal stood abated on approval of the resolution plan.

Final Conclusion: The proceedings could not be continued on merits after approval of the resolution plan, and the appeal ceased to survive.

Ratio Decidendi: Once a resolution plan is approved under the insolvency regime, any pending appellate proceedings concerning claims not included in the plan abate and the appellate tribunal has no further jurisdiction to proceed.

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