Upon approval of a resolution plan or sale of the corporate debtor as a going concern by the Adjudicating Authority, all the previous liabilities and claims of any person qua the corporate debtor, cease to exist and are extinguished. Thus the successful resolution applicant starts running the business of the corporate debtor on a fresh slate. On writ the Court held that  the order dated May 22, 2024 passed under section 143(3) of the Act was quashed and set aside. (AY. 2022-23)