After approval of the Resolution Plan by the AA, all claims that are not  part  of  the  Resolution  Plan  shall  stand  extinguished,  No  person  is entitled to initiate or continue any proceeding regarding a claim that is not part of the Resolution Plan – Regional Provident Commissioner EPFO Vs. Vandana Garg – NCLAT Chennai

NCLAT held that the Appellants claim about Provident Fund dues amounting  to  ₹1,95,01,301/-,  which  was  earlier  raised  at  the  time  of initiation of CIRP and was later admitted, stood frozen and will be binding on all the Stakeholders, including the Central Government. After approval of the Resolution Plan by the Adjudicating Authority, all such claims that are not  part  of  the  Resolution  Plan  shall  stand  extinguished.  No  person  is entitled to initiate or continue any proceeding regarding a claim that is not part of the Resolution Plan.

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If any Public depositor applies showing due of the debt claiming itself as operational creditor and the Resolution Professional or the Tribunal do not accept the claim on the ground that they are not financial creditor, we allow the appellant to raise the question before the Tribunal and if any adverse decision is given by the Tribunal, it will be open to the appellant to raise the issue before NCLAT- Hind Motors India Ltd. Vs. Adjudicating Authority NCLT, Chandigarh – NCLAT New Delhi

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