Claims not included in Approved Resolution Plan are Extinguished: Karnataka HC rules In Favour of Patanjali

The Karnataka High Court ruled in favor of Patanjali Foods Limited, stating that claims not included in an approved resolution plan under the Insolvency and Bankruptcy Code (IBC) are extinguished. The court emphasized that once a resolution plan is approved by the Adjudicating Authority under Section 31(1) of the IBC, no further claims can be made against the company. This ruling reinforces the finality of approved resolution plans and provides certainty to companies undergoing insolvency resolution.