https://www.taxtmi.com/caselaws?id=769332 The SC held that the Facilitation Council lost jurisdiction to proceed with arbitral proceedings after approval of the insolvency resolution plan under IBC Section 31. The resolution plan extinguished the respondent's claim as it fell outside the plan's purview, rendering the arbitral award dated 06.07.2018 non-executable. While the HC correctly ruled that nullity pleas can be raised under CPC Section 47 within narrow limits, it erred in holding that the Facilitation Council retained jurisdiction post-resolution plan approval. The SC allowed the appeal, declaring the award incapable of execution. en-us Mon, 21 Apr 2025 00:00:00 +0530 Thu, 24 Apr 2025 09:13:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769332 The SC held that the Facilitation Council lost jurisdiction to proceed with arbitral proceedings after approval of the insolvency resolution plan under IBC Section 31. The resolution plan extinguished the respondent's claim as it fell outside the plan's purview, rendering the arbitral award dated 06.07.2018 non-executable. While the HC correctly ruled that nullity pleas can be raised under CPC Section 47 within narrow limits, it erred in holding that the Facilitation Council retained jurisdiction post-resolution plan approval. The SC allowed the appeal, declaring the award incapable of execution. Case-Laws IBC Mon, 21 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769332