Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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Informative
All Claims Before Approval Of Resolution Plan Are Extinguished Once Plan Is Approved U/S 31 Of IBC: Orissa High Court
Insolvency & Bankruptcy Code
The Orissa High Court ruled that all claims prior to the approval of a resolution plan are extinguished once the plan is approved under Section 31 of the IBC. The court held that the approval of the resolution plan binds all stakeholders, and any claims not included in the plan are extinguished. This ruling reinforces the finality of approved resolution plans, ensuring that they provide a clean slate for the resolution of insolvency.
