No Proceedings Against Corporate Debtor Can Be Initiated Or Continued Over Claim Which Is Not Part Of Resolution Plan: NCLT Mumbai

The NCLT Mumbai ruled that no proceedings against a corporate debtor can be initiated or continued for claims not included in the approved resolution plan under the IBC. The case involved operational creditors seeking payment of dues that were excluded from the resolution plan. The tribunal reinforced that once a resolution plan is approved by the Committee of Creditors (CoC) and the adjudicating authority, it becomes binding on all stakeholders. Legal experts see this judgment as critical for maintaining the finality of resolution plans and preventing post-resolution disputes. It ensures that creditors cannot bypass the IBC process to seek additional claims. This decision strengthens the principles of certainty and fairness in insolvency proceedings, providing assurance to resolution applicants and stakeholders about the sanctity of the approved resolution plan.