Extinguishment of Liabilities Post Approval of Resolution Plan?

Ghanashyam Mishra and Sons Private Ltd. Vs Edelweiss Asset Reconstruction Company Ltd. (Supreme Court of India) Approved Resolution Plan Clears Corporate Debtor’s Past Dues, Rules Supreme Court; Claims Not Part of IBC Plan Stand Extinguished; Government Dues Included New Delhi: In a significant ruling, the Supreme Court of India has clarified that once a resolution plan for a corporate debtor is approved by the Adjudicating Authority under the Insolvency and Bankruptcy Code, 2016 (IBC), all claims not included in that plan stand extinguished. This principle applies universally to all cr...