https://www.taxtmi.com/caselaws?id=431777 Upon approval of a resolution plan under the Insolvency and Bankruptcy Code, claims not included in the plan stand extinguished and are not enforceable against the corporate debtor, including statutory dues of local authorities. A municipal corporation that had been notified of the corporate insolvency process but did not lodge a claim with the resolution professional could not later seek to upset the approved plan on the basis of unasserted property tax dues. The existence of the liability in the debtor's books did not replace the requirement to submit a claim with proof, and the approved plan remained binding on all creditors. en-us Tue, 20 Dec 2022 00:00:00 +0530 Wed, 21 Dec 2022 16:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431777 Upon approval of a resolution plan under the Insolvency and Bankruptcy Code, claims not included in the plan stand extinguished and are not enforceable against the corporate debtor, including statutory dues of local authorities. A municipal corporation that had been notified of the corporate insolvency process but did not lodge a claim with the resolution professional could not later seek to upset the approved plan on the basis of unasserted property tax dues. The existence of the liability in the debtor's books did not replace the requirement to submit a claim with proof, and the approved plan remained binding on all creditors. Case-Laws Insolvency and Bankruptcy Tue, 20 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431777