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Approved resolution plan primacy bars rectification claims seeking revival of extinguished equity and consequential monetary or share-based reliefs.

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Full Text of the Document

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....Approved resolution plans bind existing members and override inconsistent company-law remedies, so equity share capital validly extinguished under a concluded insolvency resolution cannot be revived through rectification of the Register of Members. Membership in a company limited by shares follows shareholding; no separate membership right survives cancellation of pre-resolution shares. Register-maintenance provisions are administrative and do not preserve extinguished rights, while Producer Company provisions do not apply to a non-Producer Company. Rectification is confined to wrongful entries or omissions and related damages, not independent compensation, fresh shares, interest, or mental-suffering damages. Claims omitted from the plan are extinguished under its clean-slate effect; the rectification claim and consequential reliefs were not maintainable.....