JSW Steel Limited vs Pratishtha Thakur Haritwal 2025 INSC 401 - IBC - Resolution Plan - Contempt
Insolvency and Bankruptcy Code 2016 - Section 31 - All such claims which are not a part of the Resolution Plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim, which is not part of the Resolution Plan- 2019 amendment to Section 31 of the Code is clarificatory and declaratory in nature and therefore will be effective from the date on which the Code has come into effect- All the dues including the statutory dues owed to the Central Government, or any State Government or any local authority, if not part of the resolution plan, shall stand extinguished and no proceedings in respect of such dues for the period prior to the date on which the Adjudicating Authority grants its approval under Section 31 could be continued- Referred to Ghanshyam Mishra and Sons Private Limited v. Edelweiss Asset Reconstruction Company Limited (Para 17) -Even if any stakeholder is not a party to the proceedings before the NCLT and if such stakeholder does not raise his claim before the Interim Resolution Professional/Resolution Professional, the Resolution Plan as approved by the NCLT would still be binding on him. (Para 36)
