https://www.taxtmi.com/caselaws?id=784643 "Existing management" in an approved resolution plan under s.31(1) IBC was construed to mean the management of the corporate debtor immediately prior to takeover by the successful resolution applicant, since the plan permitted continuation of the pending suit only on the basis that any monetary liability (including mesne profits) would be met by the erstwhile management. Applying the settled principle that, upon approval, the plan freezes admitted claims and extinguishes all claims not forming part of the plan, the HC held that no proceeding could continue against the corporate debtor/new management for non-plan claims. Consequently, the pending civil suit was held non-maintainable against the corporate debtor and dismissed as against it, with liberty to pursue relief only against the erstwhile management in terms of the plan. en-us Mon, 08 Dec 2025 00:00:00 +0530 Fri, 09 Jan 2026 11:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=784643 "Existing management" in an approved resolution plan under s.31(1) IBC was construed to mean the management of the corporate debtor immediately prior to takeover by the successful resolution applicant, since the plan permitted continuation of the pending suit only on the basis that any monetary liability (including mesne profits) would be met by the erstwhile management. Applying the settled principle that, upon approval, the plan freezes admitted claims and extinguishes all claims not forming part of the plan, the HC held that no proceeding could continue against the corporate debtor/new management for non-plan claims. Consequently, the pending civil suit was held non-maintainable against the corporate debtor and dismissed as against it, with liberty to pursue relief only against the erstwhile management in terms of the plan. Case-Laws IBC Mon, 08 Dec 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=784643