Approval of resolution plan, does not absolve companies from existing liabilities

National Sewing Thread Co. Ltd Vs Superintending Engineer (Madras High Court) The case of National Sewing Thread Co. Ltd. vs. Superintending Engineer came before the Madras High Court, and it involves significant legal implications. Let’s delve into the details of this case and understand its key points. Background The National Sewing Thread Co. Ltd. (the petitioner) had outstanding dues related to electricity consumption. The company argued that all these dues were extinguished after the National Company Law Tribunal (NCLT) approved the resolution plan. However, the High Court observed...