https://www.taxtmi.com/caselaws?id=407615 Upon approval of a resolution plan under the Insolvency and Bankruptcy Code, claims not included in the plan stand extinguished, and pending proceedings based on those omitted claims cannot continue. In this context, a Section 34 challenge to an arbitral award became unsustainable after the resolution plan was approved because the award-holder's claim had not been incorporated in the plan. The court emphasised the fresh slate principle for the successful resolution applicant and noted that earlier orders did not bar reconsideration of maintainability where later Supreme Court rulings had changed the legal position. On the facts, the award-holder had sufficient opportunity to lodge its claim during the insolvency process. en-us Fri, 07 May 2021 00:00:00 +0530 Sat, 15 May 2021 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=407615 Upon approval of a resolution plan under the Insolvency and Bankruptcy Code, claims not included in the plan stand extinguished, and pending proceedings based on those omitted claims cannot continue. In this context, a Section 34 challenge to an arbitral award became unsustainable after the resolution plan was approved because the award-holder's claim had not been incorporated in the plan. The court emphasised the fresh slate principle for the successful resolution applicant and noted that earlier orders did not bar reconsideration of maintainability where later Supreme Court rulings had changed the legal position. On the facts, the award-holder had sufficient opportunity to lodge its claim during the insolvency process. Case-Laws Insolvency and Bankruptcy Fri, 07 May 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=407615