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of <h1>Supreme Court rules on insolvency claims post-public notices</h1> <h3>M/s. Ruchi Soya Industries Ltd. Versus Union Of India & Ors.</h3> M/s. Ruchi Soya Industries Ltd. Versus Union Of India & Ors. - 2022 (380) E.L.T. 8 (SC) Issues:Challenge to judgment of High Court on writ petitions regarding customs notification applicability. Consideration of claim not lodged before Resolution Professional under IBC.Analysis:The Supreme Court heard appeals challenging a High Court judgment dismissing writ petitions related to the applicability of a customs notification to imported goods. The petitions sought mandamus regarding the notification's impact on imported crude palmolein. The appeals were filed after the writ petitions were rejected. Additionally, an application was filed to highlight subsequent developments and appeal disposal.During the proceedings, it was revealed that the Standard Chartered Bank initiated insolvency proceedings against the appellant under the Insolvency and Bankruptcy Code, 2016 (IBC). The Resolution Professional filed for approval of the Resolution Plan, which was granted, transferring management to the successful Resolution Applicant. The key issue was whether a claim not lodged before the Resolution Professional post-public notices under the IBC could be considered.Arguments were presented by counsels for the appellant and respondent. The appellant's counsel cited a previous case to support that claims not part of the Resolution Plan cannot be entertained. The respondent's counsel argued confusion regarding the claim and lack of notice to the Authority at Mangalore.The Court referred to a previous judgment, stating that claims not part of the Resolution Plan are extinguished upon approval. As the respondent did not lodge a claim for the subject matter of the proceedings after public notices, such claims do not survive. Consequently, the appeals were allowed, directing the refund of the deposited amount with interest. Pending applications were disposed of accordingly.
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