Arbitral Award Challenge Dismissed: Resolution Plan Extinguishes Future Claims; Rejection Not Res Judicata.

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....Challenge to an interim arbitral award u/s 31(6) of the Arbitration and Conciliation Act, 1996. The key issues are: (1) whether the rejection of an application u/s 16 regarding the arbitrator's jurisdiction operates as res judicata for the interim award, and (2) whether alleged future losses covered by a counterclaim could be dismissed due to the approval of a Resolution Plan under the Insolvency and Bankruptcy Code (IBC). The court held that the earlier rejection u/s 16 did not operate as res judicata, as the subsequent approval of the Resolution Plan extinguishing creditors' rights altered the scenario, providing a fresh cause of action. Regarding the second issue, the court ruled that all claims, including future losses, stood extinguish.........