Any Claimed/Unclaimed Dues Prior To Approval Date Of Resolution Plan Stand Extinguished: NCLT Kolkata

The National Company Law Tribunal (NCLT) Kolkata has ruled that any dues, whether claimed or unclaimed, prior to the approval date of a resolution plan stand extinguished. This decision underscores the finality of the resolution plan once approved by the NCLT. The article discusses the implications of this ruling for creditors and debtors, highlighting the importance of timely claims submission during insolvency proceedings. It also explains the legal principles behind the decision and its potential impact on future insolvency cases. The ruling aims to provide clarity and certainty in the resolution process under the Insolvency and Bankruptcy Code (IBC).