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of The resolution plan approved by the NCLT on 20th March, 2023, extinguished all claims, including statutory dues owed to the Central Government, that were not incorporated in the plan. The Respondent's inaction in contesting the categorization of their claims signifies acceptance of the resolution process. The IBC's framework recognizes the finality and decisiveness of an approved resolution plan, binding on all stakeholders, including Central and State Governments. The Supreme Court in COMMITTEE OF CREDITORS OF ESSAR STEEL INDIA LIMITED THROUGH AUTHORISED SIGNATORY VERSUS SATISH KUMAR GUPTA & OTHERS emphasized that a Resolution Applicant should not be encumbered by sudden and unforeseen claims post-approval, as it would undermine the IBC's purpose of corporate revival. The IBC facilitates economic rehabilitation of the corporate debtor, prioritizing the interests of all stakeholders by shielding it from past management and potential liquidation threats. The Respondent's construal of the NCLT's observations regarding concessions to the corporate debtor is unconvincing. The Respondent, as a creditor, is obligated to adhere to the approved resolution plan. Holding the Petitioner accountable for extinguished liabilities contradicts the IBC's rehabilitative intent, warranting judicial intervention. The impugned decision dated 22nd May, 2024, stipulating the Petitioner's ineligibility to participate in coal mine auctions until outstanding dues are cleared, is set aside.
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