The NCLAT dismissed the appeal filed by the Appellant ...

Appeal Dismissed: Appellant Misses Claim Deadline, Fails to Object During CIRP; NCLAT Upholds Resolution Plan Approval.

October 17, 2024

Case Laws     IBC     AT

The NCLAT dismissed the appeal filed by the Appellant challenging the approval of the resolution plan for the Corporate Debtor. The key points are: The Interim Resolution Professional made a public announcement with a deadline for claim submissions, which the Appellant failed to meet despite being informed about the CIRP initiation. The Resolution Professional regularly updated the list of creditors and their claim status on the Corporate Debtor's website and IBBI portal, but the Appellant did not raise objections regarding rejection of their claim during the CIRP period or when the resolution plan was approved. The NCLAT held that the Resolution Professional acted diligently, and the Appellant's objections to the resolution plan approval based on rejection of their belated claim lacked merit. The Appellant's claim of being a secured creditor was also found lacking force. Consequently, the NCLAT dismissed the appeal as devoid of merit.

View Source