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TMI Blog2022 (1) TMI 108X X X X Extracts X X X X X X X X Extracts X X X X ..... stand extinguished and no proceedings in respect of such dues for the period prior to the date on which the Adjudicating Authority grants its approval under Section 31 could be continued. In the present case, the dues of the Applicant do not form part of the Information Memorandum as admitted claim and the RP has rejected the claim of the Applicant - Application dismissed. - IA/933/IB/2020 in CP/738/IB/2018 - - - Dated:- 14-12-2021 - Sucharitha R., Member (J) And Sameer Kakar, Member (T) For the Appellant : R. Balasubramanian Co., PCS For the Respondents : Ravi Rajagopalan ORDER Sameer Kakar, Member (T) 1. IA/933/IB/2020 is an Application filed by an Operational Creditor in respect of the Corporate Debtor viz ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccounts are pending. Once this verification is complete, the amount of claims that have been admitted/rejected/partially accepted shall be published. 4. It is seen from the Information Memorandum published by the RP that the claim of the Applicant has not been admitted by the RP and has been rejected in full. The Hon'ble Supreme Court in the matter of Ghanashyam Mishra and sons Private Limited Vs. Edelweiss Asset Reconstruction Company Limited Ors; 2021 SCC OnLine SC 313, has held as follows; 58. Bare reading of Section 31 of the I B Code would also make it abundantly clear, that once the resolution plan is approved by the Adjudicating Authority, after it is satisfied, that the resolution plan as approved by CoC meets the req ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isfying a part of such liabilities would also ensure, that the Corporate Debtor is revived and made a running establishment. The legislative intent of making the resolution plan binding on all the stakeholders after it gets the seal of approval from the Adjudicating Authority upon its satisfaction, that the resolution plan approved by CoC meets the requirement as referred to in sub-section (2) of Section 30 is that after the approval of the resolution plan, no surprise claims should be fluno on the successful resolution applicant. The dominant purpose is, that he should start with fresh slate on the basis of the resolution plan approved. 86. As discussed hereinabove, one of the principal objects of I B Code is, providing for revival ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with any surprise claims. If that is permitted, the very calculations on the basis of which the resolution applicant submits its plans, would go haywire and the plan would be unworkable. 95. In the result, we answer the questions framed by us as under: (i) That once a resolution plan is duly approved by the Adjudicating Authority under subsection (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the Corporate Debtor and its employees, members, creditors, including the Central Government, any 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 a pa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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