https://www.taxtmi.com/caselaws?id=762783 The Bombay HC dismissed an execution application filed by an operational creditor against a corporate debtor whose resolution plan had been approved by NCLT. The court held that following the SC precedent in Ghanshyam Mishra case, once a resolution plan is approved under Section 31(1) of IBC, all claims not included in the plan stand extinguished. Since the applicant's claim predated the resolution plan approval and was allocated nil payment under the approved plan, the execution proceedings could not continue. The court found the application infructuous as the resolution process had concluded with NCLT approval in March 2020, subsequently upheld by NCLAT. en-us Wed, 04 Dec 2024 00:00:00 +0530 Fri, 06 Dec 2024 11:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762783 The Bombay HC dismissed an execution application filed by an operational creditor against a corporate debtor whose resolution plan had been approved by NCLT. The court held that following the SC precedent in Ghanshyam Mishra case, once a resolution plan is approved under Section 31(1) of IBC, all claims not included in the plan stand extinguished. Since the applicant's claim predated the resolution plan approval and was allocated nil payment under the approved plan, the execution proceedings could not continue. The court found the application infructuous as the resolution process had concluded with NCLT approval in March 2020, subsequently upheld by NCLAT. Case-Laws IBC Wed, 04 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762783