The resolution plan approved by the NCLT on 20th March, 2023, extinguished all claims, including...

The resolution plan approved by the NCLT on 20th March, 2023, extinguished all claims, including statutory dues owed to the Central Government, that were not incorporated in the plan. The Respondent's inaction in contesting the categorization of their claims signifies acceptance of the resolution process. The IBC's framework recognizes the finality and decisiveness of an approved resolution plan, binding on all stakeholders, including Central and State Governments. The Supreme Court in COMMITTEE OF CREDITORS OF ESSAR STEEL INDIA LIMITED THROUGH AUTHORISED SIGNATORY VERSUS SATISH KUMAR GUPTA & OTHERS emphasized that a Resolution Applicant should not be encumbered by sudden and unforeseen claims post-approval, as it would undermine the IBC's ..... .....

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