Is any creditor bound by the Resolution Plan once it is approved by an adjudicating authority u/s 31(1) of IBC?


Last updated: 05 May 2021

Court :
Supreme Court of India

Brief :
Orissa   Manganese   &   Minerals   Limited (hereinafter referred to as “Corporate Debtor” or “OMML”) was engaged in the business of mining iron ore, graphite, manganese   ore   and   agglomerating   iron   fines   into   pellets through   its   facilities   in   Orissa   and   Jharkhand.     The Corporate   Insolvency   Resolution   Process   (hereinafter referred   to   as   “CIRP”)   was   initiated   in   respect   of   the Corporate Debtor by an application under Section 7 of I&B Code filed by the State Bank of India (hereinafter referred to as   “SBI”)   before   the   National   Company   Law   Tribunal, Kolkata Bench, Kolkata (hereinafter referred to as “NCLT”).

Citation :
CIVIL APPEAL NO.8129 OF 2019

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