Pre-CIRP Dues & Claims Extinguishes Post Approval of Resolution Plan: NCLAT Delhi

Damodar Valley Corporation Vs Mackeil Ispat & Forging Ltd. (NCLAT Delhi) NCLAT Delhi held that by approval of the Resolution Plan, all dues and claims of pre-CIRP stand extinguished. Thus, appellant is not entitled for recovering any dues from respondent which relate to pre-CIRP period. Facts- The Corporate Debtor, Mackeil Ispat & Forging Ltd. under Power Purchase Agreement dated 14.12.2009 was receiving supply of electricity from Appellant for industrial purposes. A Section 7 Application was admitted against the Corporate Debtor on 03.02.2020 on an Application filed by the State Bank ...