https://www.taxtmi.com/caselaws?id=436387 An operational creditor that failed to submit its pre-CIRP claim within the claim period could not challenge resolution plan approval on the basis of inadequate payment or exclusion from the CIRP process, because claims not lodged and not incorporated in the approved plan stand extinguished. Electricity dues were treated as pre-CIRP liabilities required to be pursued through the IBC mechanism, and Section 238 of the IBC prevailed over inconsistent rights under the Electricity Act and supply code. The resolution plan was therefore sustained, with only limited relief granted by directing payment of the forfeited security deposit and restoration of the electricity connection on that basis. en-us Mon, 10 Apr 2023 00:00:00 +0530 Tue, 11 Apr 2023 18:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436387 An operational creditor that failed to submit its pre-CIRP claim within the claim period could not challenge resolution plan approval on the basis of inadequate payment or exclusion from the CIRP process, because claims not lodged and not incorporated in the approved plan stand extinguished. Electricity dues were treated as pre-CIRP liabilities required to be pursued through the IBC mechanism, and Section 238 of the IBC prevailed over inconsistent rights under the Electricity Act and supply code. The resolution plan was therefore sustained, with only limited relief granted by directing payment of the forfeited security deposit and restoration of the electricity connection on that basis. Case-Laws Insolvency and Bankruptcy Mon, 10 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436387