Belated Claims After Resolution Plan Approval Under IBC Rejected Due to Missed Deadlines

The NCLAT dismissed appellants' attempt to submit belated claims after a resolution plan had already been approved by both the CoC and Adjudicating Authority. The Tribunal held that the plan could not be reopened for claims belatedly agitated by appellants who failed to pursue their claims within IBC timelines without justifiable reasons. The NCLAT emphasized that admitting claims after plan approval would jeopardize the CIRP implementation process. Finding no error in the Adjudicating Authority's refusal to admit the belated claims and no infirmities in the impugned order, the NCLAT affirmed the lower tribunal's decision and dismissed the appeal. .....

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