9911796707
TMI Blog2025 (3) TMI 439X X X X Extracts X X X X X X X X Extracts X X X X ..... by way of belated admittance of claim after the resolution plan is approved by the Adjudicating Authority, is also likely to jeopardise the CIRP since the resolution plan is already under implementation. The Adjudicating Authority has not committed any error in the given facts and circumstances in not acceding to the request of the Appellant for admission of their claims.
Conclusion - Reopening the approved resolution plan based on belated claims would jeopardize the CIRP's effectiveness.
There are no cogent grounds which warrants any interference in the impugned order - The impugned order passed by the Adjudicating Authority, not suffering from any infirmities, is hereby affirmed - appeal dismissed. X X X X Extracts X X X X X X X X Extracts X X X X ..... der their claims. The Appellant however received no response from the SRA. Since the SRA did not respond to the request of the Appellant to accept their claim, IA No. 112 of 2024 was filed before the Adjudicating Authority for directions to the SRA to accept their claim. Submission was pressed by the Ld. Counsel for the Appellant that the approved resolution plan by not factoring in their claim had ignored the interest of the Appellant and other similarly placed home-buyers. Furthermore, since their claims have been extinguished by the resolution plan, their interests have been severely prejudiced. 6. It was pointed out that in terms of Regulations 6-A of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, there is a duty cast on the RP to send personalised communication to all the creditors about the ongoing CIRP besides publication in the newspaper and websites. The RP never sent any communication to the Appellant but only issued publication in the newspapers. This was an irregularity since the name of the Appellant was reflected in the CRM of the Corporate Debtor. It was submitted that the Appellant is aggrieved by the conduct of the RP for not having ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the impugned order, we find that the relevant clauses in the resolution plan has been noted which clearly provided an opportunity for all those who had filed belated claim or not filed claim within the extended period provided under Clauses 6.5 and 6.13(iv)(c) of the resolution plan. In terms of the above-cited clauses, those who had not filed claim within six months from the date of submission of the resolution plan, the belated claim was to be accepted with additional charges of Rs 700 per sq.ft. and those who had not filed claim between six to twelve months from the date of submission of resolution plan the same was to be accepted on payment of additional charge of Rs 2000 per. sq.ft. Para 6.13(iv)(c) provided that no claim would be accommodated after a period of twelve months. The Appellant undisputedly filed their claim after 27 months from the expiry of one year period and hence the SRA was not expected to cater to such claims which were never filed. 11. To expect belated claims to be accepted by the SRA and that too after such a massive delay of 1700 days from the last date for filing of claims would tantamount to subjecting the SRA to the uncertainty of undecided claims. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties that he may have to face and provide for a plan, which apart from satisfying a part of such liabilities would also ensure, that the corporate debtor is revived and made a running establishment. The legislative intent of making the resolution plan binding on all the stakeholders after it gets the seal of approval from the adjudicating authority upon its satisfaction, that the resolution plan approved by CoC meets the requirement as referred to in sub-section (2) of Section 30 is that after the approval of the resolution plan, no surprise claims should be flung on the successful resolution applicant. The dominant purpose is that he should start with fresh slate on the basis of the resolution plan approved. "102.1. That once a resolution plan is duly approved by the adjudicating authority under sub-section (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the corporate debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority, guarantors and other stakeholders. On the date of approval of resolution plan by the adjudicating authority, all such claims, which ..... X X X X Extracts X X X X X X X X Extracts X X X X
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