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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 ..... es, 2016 seeking following reliefs: a) That this Hon'ble Tribunal may be pleased to pass necessary directions on the Respondent to resolve the claim of the Applicant being Rs. 18,30,984/- (Rupees Eighteen Lakh thirty thousand nine hundred and eighty-four only) and/or; b) Pass such other order or orders as this Hon'ble Tribunal may deem fit; 2. The Applicant herein is an Operational Creditor in respect of the Corporate Debtor viz. 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 F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Application is filed before this Tribunal only on 29.07.2021. 6. In this context, it is significant to refer to the decision of the Hon'ble Supreme Court in the matter of Ghanashyam Mishi a and sons Private Limited Vs. Edelweiss Asset Reconstruction Company Limited & Ors.; wherein it has been 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 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 stakeholder ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent of making the resolution plan binding on all the stake-holders after it gets the seal of approval from the Adjudicating Authority upon its satisfaction, that the resolution plan approved by CoC (sic) 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 flung 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 of the Corporate Debtor and to make it a going concern. I & B Code is a complete Code in itself. Upon admission of petition unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts 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 sub-section (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 part of resolution plan, shall stand extinguished and no person will be en ..... X X X X Extracts X X X X X X X X Extracts X X X X
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