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NCLAT affirms that the resolution plan approved under Section 31(1) of the IBC prevails over and extinguishes rights and concessions under the prior BIFR/SICA-sanctioned scheme; the clean-slate principle renders unclaimed, uncrystallised or omitted claims incapable of revival post-approval. The panel held the approved plan is binding on all stakeholders, including the appellant and the respondent bank, and that commercial wisdom of the CoC underlying the plan is determinative. Given the appellant's majority voting participation in the CoC, the appellant is estopped from challenging the plan. No error is found in the tribunal's conclusion; the appeal is dismissed.
NCLAT affirms that the resolution plan approved under Section 31(1) of the IBC prevails over and extinguishes rights and concessions under the prior BIFR/SICA-sanctioned scheme; the clean-slate principle renders unclaimed, uncrystallised or omitted claims incapable of revival post-approval. The panel held the approved plan is binding on all stakeholders, including the appellant and the respondent bank, and that commercial wisdom of the CoC underlying the plan is determinative. Given the appellant's majority voting participation in the CoC, the appellant is estopped from challenging the plan. No error is found in the tribunal's conclusion; the appeal is dismissed.
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