https://www.taxtmi.com/caselaws?id=766307 Bombay HC dismissed petition challenging contract termination by Union of India. Corporate debtor's contracts were terminated by government departments before CIRP initiation. Liquidator obtained NCLT stay on further action regarding terminated contracts. Acquisition agreement transferred all debtor assets to acquirer as going concern. Under IBC provisions and Ghanshyam Mishra precedent, claims not part of resolution plan stand extinguished upon approval. Court held petitioner no longer existed, having been replaced by acquirer, and all relevant contracts were already terminated prior to insolvency proceedings. en-us Thu, 06 Feb 2025 00:00:00 +0530 Sat, 22 Feb 2025 08:30:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=766307 Bombay HC dismissed petition challenging contract termination by Union of India. Corporate debtor's contracts were terminated by government departments before CIRP initiation. Liquidator obtained NCLT stay on further action regarding terminated contracts. Acquisition agreement transferred all debtor assets to acquirer as going concern. Under IBC provisions and Ghanshyam Mishra precedent, claims not part of resolution plan stand extinguished upon approval. Court held petitioner no longer existed, having been replaced by acquirer, and all relevant contracts were already terminated prior to insolvency proceedings. Case-Laws IBC Thu, 06 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=766307