Claims not forming part of resolution plan stands extinguished: Gujarat HC

Surya Exim Limited Thro Director Bhawani Singh Vs Union of India (Gujarat High Court) Gujarat High Court held that demand notice issued after date of order of NCLT approving the resolution plan is liable to be quashed as claims which are not part of the resolution plan shall stand extinguished. Facts- The petitioner-company was subjected to insolvency proceedings under the Insolvency and Bankruptcy Code,2016 as application (CP(IB) No. 247/2020) u/s. 7 of the IBC was preferred by the Financial Creditor-State Bank of India on 03.02.2021. The petition of the bank was admitted and the Creditor I...