https://www.taxtmi.com/caselaws?id=425481 An approved resolution plan was found compliant with the Insolvency and Bankruptcy Code, 2016 and CIRP Regulations, 2016 because it provided for CIRP costs, treatment of financial and operational creditors, workmen and employees, and post-approval governance in the manner required by law. The plan was therefore approved. Once approved, the plan operated on a clean slate: pre-CIRP claims not preserved in the plan, including governmental, statutory, contingent and unconfirmed dues, stood extinguished to the extent directed, and any remaining tax or statutory reliefs had to be pursued before the competent authorities. Moratorium ceased and the plan became binding and operative. en-us Fri, 01 Jul 2022 00:00:00 +0530 Tue, 26 Jul 2022 12:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425481 An approved resolution plan was found compliant with the Insolvency and Bankruptcy Code, 2016 and CIRP Regulations, 2016 because it provided for CIRP costs, treatment of financial and operational creditors, workmen and employees, and post-approval governance in the manner required by law. The plan was therefore approved. Once approved, the plan operated on a clean slate: pre-CIRP claims not preserved in the plan, including governmental, statutory, contingent and unconfirmed dues, stood extinguished to the extent directed, and any remaining tax or statutory reliefs had to be pursued before the competent authorities. Moratorium ceased and the plan became binding and operative. Case-Laws Insolvency and Bankruptcy Fri, 01 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425481