Past Tax Claims Against Corporate Debtor Stands Extinguished Consequent To Approval Of Resolution Plan Under IBC: Bombay HC

The Bombay High Court ruled that past tax claims against a corporate debtor are extinguished once a resolution plan is approved under the Insolvency and Bankruptcy Code (IBC). This decision affirms that the approval of a resolution plan under IBC provides finality to claims against the debtor, including tax claims, effectively resolving old liabilities. The ruling highlights the IBC's role in providing a structured framework for corporate resolution and underscores the importance of adhering to approved plans for resolving outstanding debts.