Resolution Plan is binding on the Corporate Debtors, Financial Creditors, Operational Creditors and all other stakeholders including guarantors- Madhya Gujrat Vij Company Ltd. Vs. M/s. Kalptaru Alloys Pvt. Ltd. & Ors.-NCLAT
From Sec. 31, it is clear that the ‘Resolution Plan’ is binding on the ‘Corporate Debtors’, ‘Financial Creditors’, ‘Operational Creditors’ and all other ‘stakeholders’ including ‘guarantors’. The provision of Section 31 being binding on the appellant – ‘Operational Creditor’, in view of Section 238 of the I&B Code, the provisions of ‘Gujarat Electricity Regulatory Commission (Electricity Supply Code and related matters) Regulations, 2015’, cannot override the same.
