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The HC allowed the petition and quashed the impugned order of the second respondent. Holding that upon approval of a resolution plan under s.31(1) IBC all claims not part of the plan are frozen and extinguished, the court determined that continuation or initiation of proceedings in respect of omitted claims is impermissible. The second respondent's post-approval determination purporting to recover dues for the specified period was held contrary to law, insofar as the claim was either already admitted in part before the resolution professional or subsumed by the pending claim process; any residual claim omitted from the approved plan cannot be enforced thereafter. Order set aside; petition allowed.
The HC allowed the petition and quashed the impugned order of the second respondent. Holding that upon approval of a resolution plan under s.31(1) IBC all claims not part of the plan are frozen and extinguished, the court determined that continuation or initiation of proceedings in respect of omitted claims is impermissible. The second respondent's post-approval determination purporting to recover dues for the specified period was held contrary to law, insofar as the claim was either already admitted in part before the resolution professional or subsumed by the pending claim process; any residual claim omitted from the approved plan cannot be enforced thereafter. Order set aside; petition allowed.
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