#IBC Section 31

The NCLAT has ruled that once a resolution plan is approved under Section 31 of the IBC, even secured operational creditors like GNIDA cannot resurrect or override settled payout terms through post-approval claims. This reinforces the finality of approved plans and prevents fragmentation of creditor recoveries, ensuring predictability for resolution applicants and financial stakeholders.

The Madhya Pradesh High Court has ruled that once a resolution plan is approved under IBC Section 31, state revenue authorities are legally bound to update land records to reflect the new owner’s name. Failure to do so undermines the statutory efficacy of the insolvency outcome and impedes the successor’s ability to secure financing, obtain NOCs, or enforce title rights - directly harming corporate recovery and financial stability.