Resolution plan approval settles pending claims; a delayed challenge to rejected claims was held not maintainable.

A belated challenge to rejection of claims was not maintainable where the application was filed long after approval of the resolution plan. Once a resolution plan is approved, pending claims against the corporate debtor are treated as settled through the plan, and fresh claims cannot ordinarily be pursued against the restructured management. Because the applicants did not promptly contest the rejection of their claims and approached the Tribunal after considerable delay, the grievance was found unsustainable and the application was dismissed as misconceived.

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Issues: Whether a claim rejected by the Resolution Professional could be entertained after approval of the resolution plan and after considerable delay.

Analysis: The application was filed long after approval of the resolution plan. Once a resolution plan is approved, pending claims against the corporate debtor are treated as settled through the plan, and fresh claims cannot be pursued against the corporate debtor under the restructured management. The applicants did not promptly challenge the rejection of their claims and instead approached the Tribunal at a belated stage, making the grievance unsustainable.

Conclusion: The belated challenge to the rejection of claims was not maintainable and was dismissed as misconceived.

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