With the finalization of insolvency resolution plan and the approval thereof by the NCLT, all dues of creditors, Corporate, Statutory and others stand extinguished and no demand can be raised for the period prior to the specified date – M/s EMC Ltd. Vs. State of Rajasthan – Rajasthan High Court

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A bare perusal of Sections 17, 18, 19(19), 31 and 34 of Recovery of Debts & Bankruptcy Act, 1993 shows that the DRT is having exclusive jurisdiction to deal with the recovery of the secured creditors and is having an overriding effect over all other laws – The Specified Undertaking of The Unit Trust of India Vs. M/s Derby Textiles Ltd. – Rajasthan High Court

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A group of financial creditors can converge and join hands to touch the financial limit of Rs. 1 crore stipulated under Section 7 of IBC so as to initiate a CIRP under the IBC – Vishnu Oil Mill Pvt. Ltd. Vs. Union of India – High Court of Rajasthan High Court

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Once a resolution plan is duly approved by the AA under Section 31(1) of IBC, the claims as provided in the resolution plan shall stand frozen and all the parties including the Corporate Debtor, employees, members, creditors, including the Central Government, any State Government or any local authority, guarantors and other stakeholders shall be bound down by such plan – Ultratech Nathdwara Cement Ltd. Vs. State of Rajasthan – Rajasthan High Court

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Whether proceedings under Section 37 of the Rajasthan Stamps Act could be continued while IBC proceedings have been initiated – Alchemist Asset and Reconstruction Company Ltd. Vs. Deputy Inspector General, Registration and Stamp (Tax Evasion) Rajasthan – Rajasthan High Court

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