Creditors cannot initiate proceedings to recover claims which are not part of the approved resolution plan under IBC
Last updated: 06 May 2021
Court :
Supreme Court of India
Brief :
The Hon'ble Supreme Court of India in Ghanashyam Mishra and Sons Private Limited v. Edelweiss Asset Reconstruction Company Limited & Ors. [Civil Appeal No. 8129 of 2019 with WP (Civil) No. 1177 of 2020 and Civil Appeals No. 1550-1554 of 2021] held that, once resolution plan under the Insolvency & Bankruptcy Code, 2016 ("IBC") is duly approved by adjudicating authority, no person is entitled to initiate or continue any proceedings in respect to claim which is not part of resolution plan and shall stand extinguished.
Citation :
Civil Appeal No. 8129 of 2019 with WP (Civil) No. 1177 of 2020 and Civil Appeals No. 1550-1554 of 2021
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Bimal Jain
Published in Corporate Law
Views : 187
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