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The clean slate principle in corporate insolvency resolution...
Clean slate principle extinguishes uncrystallised operational claims and bars continuation of pending recovery and arbitral proceedings after plan approval.
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The clean slate principle in corporate insolvency resolution treats an approved resolution plan as final and binding, preventing revival of uncrystallised operational claims. Where disputed civil and arbitral claims were recorded at a notional value and the plan limited payment to crystallised, approved claims, the claims did not survive plan approval. Plan provisions requiring pending proceedings and pre-effective-date operational liabilities to be withdrawn, abated, settled or extinguished operate according to their terms. A fraud-based challenge cannot reopen the plan where the final creditor list was unchallenged, an earlier challenge had attained finality, no recall proceedings were initiated, and the alleged fraud lacked basis. The recovery suit and arbitral proceedings concerning such claims were dismissed.
The clean slate principle in corporate insolvency resolution treats an approved resolution plan as final and binding, preventing revival of uncrystallised operational claims. Where disputed civil and arbitral claims were recorded at a notional value and the plan limited payment to crystallised, approved claims, the claims did not survive plan approval. Plan provisions requiring pending proceedings and pre-effective-date operational liabilities to be withdrawn, abated, settled or extinguished operate according to their terms. A fraud-based challenge cannot reopen the plan where the final creditor list was unchallenged, an earlier challenge had attained finality, no recall proceedings were initiated, and the alleged fraud lacked basis. The recovery suit and arbitral proceedings concerning such claims were dismissed.
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