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TMI Blog2022 (6) TMI 1314X X X X Extracts X X X X X X X X Extracts X X X X ..... so seen a contingency fund to the tune of Rs. 7 Crore was kept in the Resolution Plan for a period of 6 months from the date of approval of the Resolution Plan. The said 6 months expired on 20.07.2020 and admittedly the present Application is filed before this Tribunal only on 29.07.2021. The relief as sought by the Applicant cannot be granted, in terms of the Judgment rendered by the Hon'ble Supreme Court in the matter of Ghanashyam Mishi a and sons Private Limited Vs. Edelweiss Asset Reconstruction Company Limited Ors. [ 2021 (4) TMI 613 - SUPREME COURT] where it was held that once a resolution plan is duly approved by the Adjudicating Authority under sub-section (1) of Section 31, the claims as provided in the resolution plan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Empee Distilleries Limited. The CIRP in respect of the Corporate Debtor was initiated by this Tribunal on 13.12.2018. In the present case, it is seen that Form - G was issued by the RP on 15.01.2019 and the Applicant submitted his claim before the 1st Respondent in Form - D on 29.01.2019 for a sum of Rs. 22,26,524/-. It was submitted that various emails have been exchanged between the parties in respect of the claim being filed by the Applicant by the 1st Respondent. While this being the case, it was submitted that the Resolution Plan in respect of the Corporate Debtor was approved by this Tribunal vide order dated 20.01.2020 and the 2nd Respondent was the successful Resolution Applicant. 3. The contention raised by the Learned Counsel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uthority, after it is satisfied, that the resolution plan as approved by CoC meets the requirements as referred to in sub-section (2) of Section 30, it shall be binding on the Corporate Debtor and its employees, members, creditors, guarantors and other stakeholders. Such a provision is necessitated since one of the dominant purposes of the I B Code is, revival of the Corporate Debtor and to make it a running concern. 60. Perusal of Section 29 of the I B Code read with Regulation 36 of the Regulations would reveal, that it requires RP to prepare an information memorandum containing various details of the Corporate Debtor so that the resolution applicant submitting a plan is aware of the assets and liabilities of the Corporate Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . As discussed hereinabove, one of the principal objects of I B Code is, providing for revival of the Corporate Debtor and to make it a going concern. I B Code is a complete Code in itself. Upon admission of petition under Section 7, there are various important duties and functions entrusted to RP and CoC. RP is required to issue a publication inviting claims from all the stakeholders. He is required to collate the said information and submit necessary details in the information memorandum. The resolution applicants submit their plans on the basis of the details provided in the information memorandum. The resolution plans undergo deep scrutiny by RP as well as CoC. In the negotiations that may be held between CoC and the resolution appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the date of approval of resolution plan by the Adjudicating Authority, all such claims, which are not a 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 effect; (iii) Consequently all the dues including the statutory dues owed to the Central Government, any State Government or any local authority, if not part of the resolution plan, shall stand extinguished and no proceedings in respect of such dues for the peri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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