Claims Extinguished Upon IBC Section 31 Resolution Plan Approval: Orissa HC

Orissa Manganese & Minerals Limited Vs State of Odisha (Orissa High Court) Conclusion: Claims before approval of resolution plan were extinguished on approval of plan under section 31 of the Insolvency and Bankruptcy Code ( IBC ), 2016. The court held that the resolution plan was approved on June 22, 2018 extinguished all liabilities predating the date of approval of resolution plan therefore the claims of the state with respect to the period prior to the approval date could not be entertained. Held: Three writ petitions were filed against demand letters issued by the state (opposite part...