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IBC : 2019 amendment to section 31 is clarificatory and declaratory in nature and therefore when resolution plan is approved by NCLT, claims, which are not part of resolution plan, shall stand extinguished and proceedings related thereto shall stand terminated
• The High Court in impugned order held that since the resolution plan of the petitioner Company was approved by the NCLT vide its order dated 17-4-2018 which is much prior to the 2019 amendment, the said amendment in Section 31(1) of the IB Code, 2016 shall not apply to the resolution plan of the petitioner Company.
• [Ultra Tech Nathdwara Cement Ltd. v. State of UP  125 taxmann.com 420 (All.), Electrosteel Steels Ltd. v. State of Jharkhand  125 taxmann.com 421 (Jharkhand.), Edelweiss Asset Reconstruction Company Ltd. v. Orissa Manganese & Minerals Ltd.  106 taxmann.com 18 (NCL-AT)/154 SCL 18 (NCL-AT) set aside.]