https://www.taxtmi.com/caselaws?id=787011 An approved and implemented resolution plan that effects change of management extinguishes and freezes pre-plan claims and bars new proceedings against the corporate debtor arising before implementation; accordingly statutory immunity attaching to an approved resolution plan operates to preclude enforcement of penalties and proceedings not provided for in the plan. The tribunal applied the doctrine that restoration and implementation of a resolution plan transfers effective control to new management and, absent evidence that the new management were related to or abetted prior promoters, penalties imposed after implementation cannot be sustained. The impugned penalties were set aside and the appeal allowed. en-us Thu, 12 Feb 2026 00:00:00 +0530 Wed, 25 Feb 2026 07:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=787011 An approved and implemented resolution plan that effects change of management extinguishes and freezes pre-plan claims and bars new proceedings against the corporate debtor arising before implementation; accordingly statutory immunity attaching to an approved resolution plan operates to preclude enforcement of penalties and proceedings not provided for in the plan. The tribunal applied the doctrine that restoration and implementation of a resolution plan transfers effective control to new management and, absent evidence that the new management were related to or abetted prior promoters, penalties imposed after implementation cannot be sustained. The impugned penalties were set aside and the appeal allowed. Case-Laws FEMA Thu, 12 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=787011