https://www.taxtmi.com/caselaws?id=756455 An approved resolution plan under the Insolvency and Bankruptcy Code can extinguish pre-closing operational creditor claims that were not lodged or included in the plan, with Sections 30 and 31 giving the plan binding effect. On that basis, claims treated as nil and waived under the plan do not survive for continuation in suit proceedings. The text also notes that where approval and implementation of the resolution plan remove the basis of the relief sought, the court may rely on its inherent powers under Section 151 of the Code of Civil Procedure, 1908 to dismiss the suit as infructuous. en-us Tue, 23 Jul 2024 00:00:00 +0530 Fri, 02 Aug 2024 11:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756455 An approved resolution plan under the Insolvency and Bankruptcy Code can extinguish pre-closing operational creditor claims that were not lodged or included in the plan, with Sections 30 and 31 giving the plan binding effect. On that basis, claims treated as nil and waived under the plan do not survive for continuation in suit proceedings. The text also notes that where approval and implementation of the resolution plan remove the basis of the relief sought, the court may rely on its inherent powers under Section 151 of the Code of Civil Procedure, 1908 to dismiss the suit as infructuous. Case-Laws Insolvency and Bankruptcy Tue, 23 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756455