Tribunal Rejects Appeal Due to Late Filing; Upholds Resolution Plan Making Claims After Approval Inadmissible.

The Tribunal dismissed the appeal, upholding the Adjudicating Authority's decision to reject the Appellant's claim due to a significant delay in filing. The Resolution Plan, approved on 23.12.2022, rendered any subsequent claims inadmissible. Despite the Appellant's reliance on a Supreme Court judgment, the Tribunal found it unnecessary to consider, as the claim was not admitted by the Resolution Professional or the Adjudicating Authority. The Tribunal referenced the precedent set in "Ghanashyam Mishra & Sons Vs. Edelweiss Asset Reconstruction" to support its decision.

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Issues involved:
The issues involved in the judgment are the dismissal of the application by the Adjudicating Authority, delay in filing the claim by the Appellant, and the reliance on a Supreme Court judgment.

Dismissal of the Application:
The appeal was filed against the order dated 07.02.2023 where the Adjudicating Authority dismissed the Application I.A. No. 439 of 2023 filed by the Appellant. The Resolution Plan was approved on 23.12.2022, and the Adjudicating Authority observed that since the Resolution Plan had been approved, no claim could survive. The Adjudicating Authority did not admit the claim of the Appellant, leading to the rejection of the Application.

Delay in Filing Claim:
The Corporate Insolvency Resolution Process (CIRP) in this case commenced on 14.10.2019, with the Appellant filing its provisional claim on 07.01.2021 and the final claim on 26.02.2021. However, it was noted that there was inordinate delay in filing the claim by the Appellant, which ultimately led to the rejection of the Application by the Adjudicating Authority.

Reliance on Supreme Court Judgment:
The Learned Counsel for the Appellant relied on the Judgment of the Hon'ble Supreme Court in Civil Appeal No. 1661 of 2020, State Tax Officer Vs. Rainbow Papers Ltd., decided on 06th September, 2022. However, the Tribunal did not find it necessary to consider this judgment as the claim of the Appellant was not admitted by the Resolution Professional or the Adjudicating Authority. The Tribunal upheld the order of the Adjudicating Authority, citing the judgment in "Ghanashyam Mishra & Sons Vs. Edelweiss Asset Reconstruction," and subsequently dismissed the appeal.

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