Claims that do not form part of the resolution plan will be extinguished on the date of the adjudicating authority’s acceptance of the resolution plan. This ruling has reaffirmed the IBC’s goal, which is for the Corporate Debtor to start over with a clean slate based on the resolution plan.
Tag: claim after approval of resolution plan
Claims, not part of Resolution Plan, gets exhausted
No further legal action shall be permissible by creditor, whose claim has been rendered unsatisfied as per the resolution plan.