Resolution Plan Approval Extinguishes Unlisted Claims, Prevents New Proceedings in Insolvency Cases.

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Full Text of the Document

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....Approval of Resolution Plan - Fresh claim based on Foreign Judgement - The Tribunal (NCLAT) in a crystalline manner pointed out that all such ‘claims’ which were not a part of the ‘Resolution Plan’ stood extinguished, on the date of ‘Approval of Resolution Plan’ and further no individual, is permitted to initiate or continue any ‘proceedings’, in regard to a ‘claim’, which was not part of the ‘Resolution Plan’.....