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No proceedings could be initiated to recover claims not part of approved resolution plan
Case Law Details
- Case Name
- Regional Provident Commissioner Vs Vandana Garg (NCLAT Chennai)
- Appeal Number
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- Date of Judgement/Order
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- Courts
- NCLAT
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Regional Provident Commissioner Vs Vandana Garg (NCLAT Chennai)
Conclusion: Once a resolution plan is duly approved by the Adjudicating Authority under subsection (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the Corporate Debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority, guarantors and other stakeholders. No person is entitled to initiate or continue any proceeding regarding a claim that was not part of the Resolution Plan.
Held: In the insta...
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