Claims which are not part of resolution plan stands extinguished: Karnataka HC

Patanjali Foods Limited Vs Commissioner of Customs (Karnataka High Court) Karnataka High Court held that claims which are not a part of resolution plan stands extinguished, accordingly, no person will be entitled to initiate or continue any proceedings in respect to a claim which is not part of the resolution plan. Facts- The assessee – Ruchi Soya Industries Ltd., was carrying on business o, import of Crude Palm Oil of Edible grade in bulk. The said Ruchi Soya imported 8499.980 MTs., first Grade bulk oil which arrived at the New Mangalore Port on 22.2.2011 and 28 bills of entry dated 21....