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Creditors
of
the
Corporate
Debtor (including but not limited
to
all
Financial
Creditors,
Operational
Creditors,
Other
Creditors, and Government and
Statutory Authorities and any
person who may claim to be a
creditor by way of exercise of
rights under Applicable Laws or
equity), whether or not such
claims rights or entitlements
(including any demand for any
losses or damages, principal,
interest,
compound
interest,
penal
interest,
liquidated
damages, and other charges
already accrued/accruing or in
connection with any third party
claims) have been filed before
the Resolution Professional or
not, whether admitted by the
Resolution Professional or not,
whether or not set out in the .
Information Memorandum, the
balance sheets of the Corporate
Debtor or the profit and loss
account
statements
of
the
Corporate Debtor, being due or
contingent,
asserted
or
unasserted,
crystallized
or
uncrystallised,
known
or
unknown,
disputed
or
undisputed, in relation to any
period
prior
to
the
CIRP
commencement date, shall be
deemed to be written-off and
permanently extinguished. The
Corporate
Debtor
or
the |
Asset
Reconstruction
Company Ltd,7 wherein
the
Hon'ble
Supreme
Court has held in para 95(i)
that once a resolution plan
is duly approved by the
Adjudicating
Authority
under sub-section (1) of
section 31, the claims as
provided in the resolution
plan shall stand frozen and
will be binding on the
Corporate Debtor and its
employees,
members,
creditors, including the
Central Govt, any State
Govt
or
any
local
authority, guarantors and
other stakeholders. On the
date
of
approval
of
resolution plan by the
Adjudicating
Authority,
all such claims, which are
not a part of resolution
plan,
shall
stand
extinguished
and
no
person will be entitled to
initiate or continue any
proceedings in respect to a
claim, which is not part of
the resolution plan. The
Hon'ble Supreme Court
also held that all the dues
including
the
statutory
dues owed to the Central
Govt, any State Govt or
any local authority, if not
part of the resolution plan, |
