NCLAT held that claims filed after the approval of the Resolution Plan were to be considered in accordance with the provisions of the approved plan.
The National Company Law Appellate Tribunal (NCLAT), Principal Bench led by Justice Ashok Bhushan (Chairperson) and Technical Members Mr. Barun Mitra and Mr. Arun Baroka reviewed an appeal and observed that claims submitted after the approval of the Resolution Plan by the CoC cannot override the plan's terms and must be considered only in accordance with the provisions of the approved plan, affirming that no error was made by the Adjudicating Authority in issuing such a direction.
The NCLAT dealt with an appeal challenging the order dated 19.07.2024, passed by the Adjudicating Authority (NCLT, New Delhi Bench, Court III) in I.A. 2165 of 2024. The appellant claimed to have submitted a claim on 07.03.2024, and the NCLT directed the Resolution Professional to consider the claim in accordance with the approved Resolution Plan, which had already been finalized on 09.08.2023.
Counsel for the appellant argued that the appellant had filed the claim earlier and was under the bona fide impression that it had been admitted, referring to an email dated 24.06.2023. However, the NCLAT found that the email did not alter the fact that the claim had been submitted after the CoC approved the plan.
After reviewing the submissions and the record, the NCLAT concluded that since the Resolution Plan was approved prior to the appellant’s claim, the Adjudicating Authority acted correctly in instructing the Resolution Professional to address the claim as per the terms of the approved plan. Finding no error in the impugned order, the NCLAT dismissed the appeal.
Ms. Akanksha, Ms. Videh Vaish and Mr. Lalit Mohan, Advocates represented the Appellant.
Mr. Sameer Rohatgi, Mr. Shivanshu Kumar, Mr. Kartikey and Mr. Rajesh Ramani, Advocates appeared for the RP
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