Insolvency and Bankruptcy Code, 2016 s. 31 – Approval of resolution plan – Corporate Insolvency Resolution Process – Resolution plan – Extent and scope of, after approval – Held: Once a resolution plan is duly approved by the Adjudicating Authority under sub-section (1) of s. 31, the claims as provided in the resolution plan shall stand frozen and would be binding on the Corporate Debtor and its employees, members, creditors, including 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 would be entitled to initiate or continue any proceedings in respect to a claim, which is not part of the resolution plan – Dominant purposes of the I&B Code is, revival of the Corporate Debtor and to make it a running concern – Legislative intent behind this is, to freeze all the claims so that the resolution applicant starts on a clean slate and is not flung with any surprise claims – Insolvency and Bankruptcy board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 – rr. 13 and 14. s. 31 – Amendment to s. 31 by s. 7 of Act 26 of 2019 – Nature of, clarificatory/declaratory or substantive in nature – Held: 2019 Amendment to s. 31 of the Code is clarificatory and declaratory in nature and thus, would be effective from the date on which I&B Code came into effect.s. 31 – Approval of resolution plan by the Adjudicating Authority – Entitlement of creditor including the Central Government, State Government or any local authority, to initiate any proceedings for recovery of any of the dues from the Corporate Debtor, which are not a part of the Resolution Plan approved by the adjudicating authority – Held: All the dues including the statutory dues owed to the Central Government, any State Government or any local authority, if not part of the resolution plan, shall stand extinguished and no proceedings in respect of such dues for the period prior to the date on which the Adjudicating Authority grants its approval u/ s. 31 could be continued.