2022 (1) TMI 1429 - SCH - Insolvency and Bankruptcy

Claim filed by Operational Creditors belatedly rejected - CIRP is now at the stage where the Resolution Plan has already been approved by the Committee of Creditors and the same has been filed before the Adjudicating Authority for approval - it was held by NCLAT that keeping in view the object of the I B Code which is Resolution of the Corporate Debtor in time bound manner to maximize value if such requests of applicants like Appellant are accepted the purpose of I B Code would be defeated - HELD THAT - There are no reason to interfere with the impugned order - appeal dismissed.

Summary

The Supreme Court of India dismissed the Civil Appeal regarding an order dated 18th June, 2021, passed by the National Company Law Appellate Tribunal in Company Appeal (AT) (Insolvency) No. 420 of 2021.