2023 (7) TMI 1508 - AT - IBC

Admissibility of application filed after the approval of the Resolution Plan - appeal filed under Section 61 of the Insolvency and Bankruptcy Code, 2016 - HELD THAT - The Resolution Plan was finally approved long back on 05.03.2020 and thereafter application was filed by the Appellant under Section 60(5), 9 of Insolvency and Bankruptcy Code, 2016. It was filed after expiry of several months from the date of approval of the Resolution Plan by the Adjudicating Authority which was subsequently approved by this Appellate Tribunal also. In such situation, it is opined that Ld. NCLT was not required to entertain such application. Both the parties have agreed on the point that this appeal can be disposed of with indication that any observation recorded by the NCLT in its order dated 28.01.2022 may not come in way in pursuing legal remedy by either of the parties in accordance with law. Accordingly, with the consent of both the parties the appeal stands disposed of with indication that any observation recorded by Ld. NCLT in its order dated 28.01.2022 may not come in way in pursuing legal remedy by either of the parties in accordance with law.

Summary

The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016 against an order dated 28.01.2022. The Resolution Plan was approved on 05.03.2020. The NCLT was not required to entertain the application filed after the approval of the Resolution Plan. The appeal was disposed of with the indication that any observations recorded by the NCLT may not hinder legal remedies.