Uncrystallised operational-credit claims cannot survive resolution-plan approval where the plan extinguishes pending proceedings and preserves only quantified claims.

Pending civil and arbitral operational-credit claims that had not crystallised into determinable and quantifiable claims before resolution-plan approval are treated as extinguished under the plan. The final creditor list assigned the disputed claims a notional value and did not reserve them pending adjudication, while the plan limited pro rata settlement payments to crystallised and approved claims and required pending proceedings to be withdrawn, abated, settled or extinguished. The clean-slate and fresh-start principles prevent indeterminate pre-effective-date liabilities from resurfacing after plan approval. No ambiguity supported contra proferentem or a face-value reservation mechanism.

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Issues: Whether pending civil and arbitral proceedings concerning operational-credit claims, which had not crystallised into determinable and quantifiable claims before approval of the resolution plan, survived the approved resolution plan.

Analysis: The final list of operational creditors quantified the disputed claims at a notional value of Re.1 and did not preserve them subject to the outcome of pending proceedings. The resolution plan, which had attained finality, provided that the settlement corpus available to relevant operational creditors was payable pro rata only for crystallised and approved claims within the stipulated period. Its provisions, read harmoniously, discharged and extinguished pre-effective-date liabilities and required pending proceedings by operational creditors to be withdrawn, abated, settled or extinguished. The clean slate and fresh start principles preclude indeterminate claims from resurfacing after plan approval. There was no ambiguity warranting application of contra proferentem or adoption of a face-value reservation mechanism.

Conclusion: Pending civil and arbitral claims that had not crystallised by approval of the resolution plan stood abated, waived, withdrawn and extinguished; the operational creditors were entitled to no amount beyond their quantified Re.1 claims. The issue is decided in favour of the appellant.

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