https://www.taxtmi.com/caselaws?id=767244 The NCLT Bengaluru dismissed an application challenging claim extinguishment under an approved resolution plan. The tribunal held that once a resolution plan is approved under Section 31(1) of IBC, all claims become frozen and binding on all stakeholders including the corporate debtor, creditors, and guarantors. The court emphasized that IBC's primary objective is timely corporate revival through restructuring, relying on commercial wisdom of Committee of Creditors. The tribunal refused to direct modifications to the approved plan based on future contingent arbitration proceedings, noting that even NCLAT precedent did not disturb resolution plans but only preserved parties' rights to pursue available remedies. en-us Wed, 20 Nov 2024 00:00:00 +0530 Thu, 13 Mar 2025 08:35:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=767244 The NCLT Bengaluru dismissed an application challenging claim extinguishment under an approved resolution plan. The tribunal held that once a resolution plan is approved under Section 31(1) of IBC, all claims become frozen and binding on all stakeholders including the corporate debtor, creditors, and guarantors. The court emphasized that IBC's primary objective is timely corporate revival through restructuring, relying on commercial wisdom of Committee of Creditors. The tribunal refused to direct modifications to the approved plan based on future contingent arbitration proceedings, noting that even NCLAT precedent did not disturb resolution plans but only preserved parties' rights to pursue available remedies. Case-Laws IBC Wed, 20 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=767244