Pending Civil Suits and Arbitration Claims Stand Extinguished After Approval of IBC Resolution Plan Unless Claims Are Crystallised: Supreme Court

The Supreme Court has held that pending civil suits and arbitration proceedings relating to operational creditor claims cannot continue after approval of a resolution plan under the Insolvency and Bankruptcy Code, 2016 if those claims had not become final, determinable and quantifiable before the approval of the resolution plan. The Court ruled that an approved resolution plan gives the successful resolution applicant a "clean slate" and protects it from unresolved…