Judgment Summaries (SC) Ruchi Soya Industries

  March 11, 2022

CASE SUMMARY

In the matter of M/s Ruchi Soya Industries Limited v. Union of India and Others

{Supreme Court; February 17, 2022}

ISSUE: Whether the claim of the Respondent which was not lodged before the Resolution Professional after issuance of public notices under Section 13 and 15 of the Insolvency and Bankruptcy Code, 2016 (“Code”) be considered after the Adjudicating Authority has approved the Resolution Plan provided by the Successful Resolution Applicant?

HELD: Relying on the judgment passed by the Supreme Court in Ghanashyam Mishra & Sons Private Limited v. Edelweiss Asset Reconstruction Company Limited, the Court held that all claims which do not form part of the Resolution Plan freeze on the date on which the Resolution Plan is approved and for the same reason, those claims do not survive after the approval.

 

 

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