HC held that under IBC Sections 13, 30, and 31, where a creditor ...

Creditor's Failure to File Claim During Insolvency Resolution Leads to Debt Extinguishment Under IBC Sections 13, 30, and 31

April 14, 2025

Case Laws IBC HC

HC held that under IBC Sections 13, 30, and 31, where a creditor fails to lodge a claim with the Resolution Professional during corporate insolvency resolution process, their claim stands extinguished upon Resolution Plan approval. In this case, Respondent No.1's claim was not part of the Resolution Plan due to non-submission, consequently rendering the debt unenforceable. The court mandated release of bank guarantees to Appellant, placing an embargo on initiating or continuing any proceedings related to the extinguished claim. The Interim Application was allowed, definitively resolving the matter in favor of the Appellant.

View Source

← Previous Next →

HC held that under IBC Sections 13, 30, and 31, where a creditor ...

Creditor's Failure to File Claim During Insolvency Resolution Leads to Debt Extinguishment Under IBC Sections 13, 30, and 31

April 14, 2025

Case Laws IBC HC

You may also like:

This case deals with the extinguishment of demands due to the non-filing of claims by the revenue during the Corporate Insolvency Resolution Process (CIRP) under the...

The case pertains to the extinguishment of claims under the Insolvency and Bankruptcy Code (IBC) against Ruchi Soya Industries Limited, after the acceptance of the...

Maintainability of an application for initiation of Corporate Insolvency Resolution Process (CIRP) u/s 9 of the Insolvency and Bankruptcy Code (IBC). The key points are:...

NCLAT dismissed an appeal concerning pre-CIRP electricity dues, affirming NCLT's jurisdiction over post-resolution plan disputes under IBC Section 60(5). The Tribunal...

Under the Insolvency and Bankruptcy Code (IBC), the Corporate Insolvency Resolution Process (CIRP) was initiated against the first petitioner-company, and a moratorium...

Admissibility of section 7 application - CIRP - existence of debt and default or not - The NCLAT held that the financial distress and inability of the corporate debtor...

NCLAT dismissed the appeal challenging the rejection of belated additional claims filed by the Appellant-EPFO after the resolution plan's approval. The Tribunal held...

The High Court held that the Execution Application filed by the Applicant against the Respondent does not survive due to the approved Resolution Plan under the...

The National Company Law Appellate Tribunal (NCLAT) dismissed the appeal, upholding the order admitting the Section 7 application filed by ICICI Bank against the...

The Appellate Tribunal found the Interim Resolution Professional's (IRP) conduct to be biased, premeditated, and authoritarian, violating the core objectives and...

The NCLAT held that the requirement of obtaining a No Objection Certificate (NOC) from stock exchanges under Regulation 37(1) and (2) of the LODR (Listing Obligations...

The High Court ruled that security interests over assets of a corporate debtor to secure amounts due under a judgment or decree must give way to the provisions of the...

Classification of a security deposit made by the appellant for a lease deed with the corporate debtor, as either a financial debt or an operational debt under the...

Implementation of the Resolution Plan and change in management and control - Demand of customs duty - The appellant did not file any claim during the insolvency process,...

Section 53(1) of the Insolvency and Bankruptcy Code (IBC) provides for the order of priority in the distribution of liquidation assets. Financial debts owed to unsecured...

Quick Updates: