Case Law Details
Ruchi Soya Industries Ltd. Vs Union of India & Ors (Supreme Court of India)
Admittedly, the claim in respect of the demand which is the subject matter of the present proceedings was not lodged by the respondent no. 2 after public announcements were issued under Sections 13 and 15 of the IBC. As such, on the date on which the Resolution Plan was approved by the learned NCLT, all claims stood frozen, and no claim, which is not a part of the Resolution Plan, would survive.
In that view of the matter, the appeals deserve to be allowed only on this ground. It is held that the claim of the respondent, which is not part of the Resolution Plan, does not survive. The amount deposited by the appellant at the time of admission of the appeals along with interest accrued thereon is directed to be refunded to the appellant.
FULL TEXT OF THE SUPREME COURT JUDGMENT/ORDER
These appeals challenge the judgment and order dated 20th January, 2012 passed by the Division Bench of the High Court of Karnataka in Writ Petition No. 25290 of 2002 (TAR) and Writ Petition No. 25291 of 2002 (TAR), thereby dismissing the writ petitions filed by present appellant.
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