Claims not included in Approved Resolution Plan are Extinguished: Karnataka HC rules In Favour of Patanjali [Read Order]
The bench clarified that Rule 22 of the Customs, Excise and Service Tax Appellate Tribunal (Procedure) Rules, 1982, which deals with abatement of appeal upon death, adjudication as insolvent or winding-up, does not apply when a resolution plan has been approved as the objective of a resolution plan is to continue the business of the company as “a going concern.”
The division bench of the Karnataka High Court in a ruling in favour of Patanjali foods limited, has held that Claims not included in approved resolution plan are extinguished. It was viewed that once a resolution plan is approved by the Adjudicating Authority under Section 31(1) of the Insolvency and Bankruptcy Code, 2016 (IBC), no…
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