https://www.taxtmi.com/caselaws?id=756141 The Delhi HC set aside a government decision barring a company from coal mine auctions due to outstanding dues from its previous management. The court held that following NCLT approval of the resolution plan under the Insolvency and Bankruptcy Code, all claims not properly submitted or rejected by the Resolution Professional were legally extinguished, including statutory dues to the Central Government. The court emphasized that approved resolution plans are binding on all stakeholders per Section 31(1) IBC, and citing Supreme Court precedent, ruled that resolution applicants should not face unforeseen claims post-approval as this would undermine the rehabilitative purpose of insolvency proceedings and deter future investment. en-us Fri, 26 Jul 2024 00:00:00 +0530 Mon, 29 Jul 2024 10:02:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756141 The Delhi HC set aside a government decision barring a company from coal mine auctions due to outstanding dues from its previous management. The court held that following NCLT approval of the resolution plan under the Insolvency and Bankruptcy Code, all claims not properly submitted or rejected by the Resolution Professional were legally extinguished, including statutory dues to the Central Government. The court emphasized that approved resolution plans are binding on all stakeholders per Section 31(1) IBC, and citing Supreme Court precedent, ruled that resolution applicants should not face unforeseen claims post-approval as this would undermine the rehabilitative purpose of insolvency proceedings and deter future investment. Case-Laws Insolvency and Bankruptcy Fri, 26 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756141