In a pivotal ruling, the Appellate Tribunal reaffirmed that once a resolution plan is duly approved under Section 31(1) of the Insolvency and Bankruptcy Code, 2016, it becomes binding and overrides any prior schemes sanctioned under the repealed SICA framework. The Tribunal clarified that any concessions, waivers, or reliefs previously granted under such rehabilitation schemes stand extinguished if not expressly incorporated within the approved resolution plan.
