Unsubmitted arbitral award claims are extinguished by approved resolution plans, while court-deposited security remains the corporate debtor's asset.
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....An arbitral award is a claim in corporate insolvency resolution, requiring the award-holder to submit it to the resolution professional. Once a resolution plan is approved, claims excluded from that plan are extinguished under the clean slate principle, and proceedings concerning them cannot continue. An unsubmitted award claim therefore renders a pending challenge to the award infructuous. A court deposit made as security for staying execution of an award does not amount to payment or transfer ownership to the award-holder. The deposit remains an asset of the corporate debtor, subject to the court's conditions, and may be refunded with accrued interest after the underlying claim is extinguished.....
TaxTMI