2025 (6) TMI 1594

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....Advocate Ms. Shwetha Vasudevan submitted that the appellant had approached NCLT for liquidation and NCLT after satisfying itself, approved the Resolution Plan and therefore demands raised in the impugned order cannot survive as the appeals themselves are to be treated as 'abated' except Appeal ST/41468/2013 as it pertains to refund claim. 2. Per Contra Shri C. Dhanasekaran, Ld. Special Counsel agrees with the submission that the NCLT has accepted the Resolution Plan and Resolution Professional has already been appointed, but however the Resolution Professional has sought to withdraw himself and has filed appeal and also sought for appointment of another Resolution Professional and hence, there is no fiinality as contended by the Ld. Advo....

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....stand frozen and will be binding on the Corporate Debtor and its employees, members, creditors, including the Central Government, and State Government or any local authority, guarantors and other stakeholders. On the date of approval of resolution plan by the Adjudicating Authority, all such claims, which are not part of resolution plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim, which is not part of the resolution plan. (ii) 2019 amendment to Section 31 of the I&B Code is clarificatory and declaratory in nature and therefore will be effective from the date on which I&B Code has come into affect; (iii) Consequently all the dues including the statut....

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....e benefit of Corporate Debtor might result in refund which would contribute to the assets of the Corporate Debtor. In this regard, our attention was drawn to clause 4.5.3 at page 20 of the Resolution Plan. 7. She would further contend that in terms of Section 31 (1) of IBC, the approved Resolution Plan is binding on the Corporate Debtor and persons specified therein including Central Government to whom a debt in respect of the payment of dues arising under any law for the time being in force. Further, by taking shelter under the Hon'ble Supreme Court decision in the case of Swiss Ribbons Private Limited and Anr. Vs Union of India -(2019) 4 SCC 17, she would further argue that maximization of the value of assets of the Corporate Debt....