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of Once a resolution plan is approved u/s 31(1) of the Insolvency and Bankruptcy Code, 2016 (IBC), only the debts specified in the resolution plan remain payable. This position is binding on the Central Government and various authorities, including tax authorities. All dues not part of the resolution plan stand extinguished, and no proceedings can be initiated or continued for any such claims. No proceedings relating to dues prior to the approval of the resolution plan can be continued or initiated. The stance that if the tax claim amount had not crystallized, it would be future dues and not past dues, is untenable. The continuation of existing proceedings and initiation of new proceedings related to operations prior to the Corporate Insolvency Resolution Process (CIRP) are prohibited after the resolution plan's approval. Consequently, nothing survives regarding the impugned proceedings relating to the period prior to the CIRP's approval. Upon CIRP completion, the corporate debtor begins on a clean slate under new ownership and management.
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