Garden Silk Mills Ltd vs Gayatri Industries And Ors
2022 Latest Caselaw 3539 Bom

Rane                             1/2             FA-748-2003-SR.211

IN THE HIGH COURT OF JUDICATURE AT BOMBAY
     CIVIL APPELLATE JURISDICTION
      FIRST APPEAL NO. 748 OF 2003


M/S. GARDEN SILK MILLS
LTD.                                   } APPELLANTS
                                       (ORIG. DEFENDANT NO.1)
         V/S.
GAYATRI INDUSTRIES AND ORS. } RESPONDENTS



                                 ****

Mr. Zacarias Joseph a/w. Ms. Nidhi Kulkarni i/by. Khaitan
& Co., Advocate for the appellants.

                   Coram : Sandeep K. Shinde, J.

Thursday, 31st March, 2022.

P.C. :

1) Learned Counsel for the appellant submits that, in

view of the order dated 1st January, 2021 passed by the

Adjudicating Authority, National Company Law Tribunal,

Ahemdabad approving the Resolution plan in terms of

Section 31(1) of the Indian Bankruptcy Code, the

impugned decree dated 28th January, 2003, stood

extinguished and no proceedings in respect thereof can be

continued or initiated.

                       Rane                                  2/2                  FA-748-2003-SR.211

                      2)       Learned Counsel relied on the judgment of the

Apex Court in the case of Ghanshyam Mishra and Sons

Private Limited, through the Authorised Signatory Versus.

Edelweiss Asset Reconstruction Company Limited,

Through the Director and Ors. (2021) 9 Supreme Court

Court Cases 657 and in particular paragraph-102.

"102. In the result, we answer the questions framed by us as

under:

102.1 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 creditors, its

employees, including members, the Central Government, any

State Government 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;

3). None appears for the respondents. Stand over

to 2nd May, 2022, for consideration.

Digitally signed by NEETA SHAILESH (Sandeep K. Shinde, J.) NEETA SHAILESH SAWANT SAWANT Date:

2022.04.01 18:34:23 +0530