All claims not part of resolution plan get extinguished on approval of resolution plan by Adjudicating Authority under S. 31 IBC: Supreme Court

Further, the Court also ruled that 2019 amendment to Section 31 of the IBC is clarificatory and declaratory in nature and therefore, will be effective from the date on which IBC came into effect.
Nariman  hrishikesh Roy br gavai
Nariman hrishikesh Roy br gavai

The Supreme Court on Tuesday held that once a resolution plan is approved by the Adjudicating Authority under Section 31(1) of the of Insolvency and Bankruptcy Code, 2016 all claims, which are not a part of 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 (Ghanashyam Mishra and Sons Private Ltd v. Edelweiss Asset Reconstruction Company).

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