of IBC which evaluates the resolution plans submitted by persons including companies to acquire the debt ridden corporate debtor. The CoC either approves the Resolution Plan under Section 30 of IBC or resolves to initiate liquidation, either of which are to be approved by the NCLT. It is settled that on the date of approval of the Resolution Plan by the Adjudicating Authority, all claims which are not part of the Resolution Plan stand extinguished and no one is entitled to initiate or continue any proceeding in respect of the extinguished claims, not part of the Resolution Plan. It is urged that a bare perusal of Clauses 4.7.1 and 4.7.3 of the Resolution Plan indicates that Respondent No. 1 failed to file its claims during the CIRP process and therefore, the alleged liability of the Petitioner arising in relation to the period prior to 31.03.2023 and purported dues for the period prior to 17.01.2020 are deemed to be extinguished and in this light, Respondents cannot even resort to fresh arbitration proceedings for agitating these claims. 10. Learned counsel for the Respondents, on instructions, fairly concedes that in light of the settled law, appointment of the present Sole Arbitrator cannot be sustained, being unilateral. However, he strongly refutes the contention of the Petitioner that the claims raised in the arbitral proceedings are extinguished and submits that this issue be left open to be decided as and when fresh arbitration is invoked, to which counsel for the Petitioner has no objection.
