Claims Not Part Of Approved Resolution Plan Does Not Survive

INTRODUCTION:

In 2016, the Insolvency and Bankruptcy Code ("Code" or "IBC") was enacted with the objective to bring the insolvency law in India under a single unified umbrella and to speed up the insolvency process.¹ Time and again, the Supreme Court has interpreted various provisions of the Code to fill up the gaps and lacunae, and to explain the true scope and ambit of such provisions. Recently, the Supreme Court in a batch of matters namely Ghanashyam Mishra & Sons Pvt. Ltd. vs. Edelweiss Asset Reconstruction Company Ltd.,² has dealt with three important questions/ issues with respect to the claims which were not part of the resolution plan approved by adjudicating authority. The abovementioned three issues are as follows: