Appeal Dismissed: Tribunal Upholds Resolution Plan Approval; Late Claimants Advised to Approach Resolution Applicant.

The appeal against the NCLT's order approving the Resolution Plan was dismissed. The Tribunal upheld the Adjudicating Authority's decision, noting that the Appellants filed their claim after the Resolution Plan's approval, thus no relief could be granted. The Tribunal suggested the Appellants could approach the Successful Resolution Applicant to present their claim details for consideration. Two Intervention Applications were rejected, and the appeal was dismissed with no costs, allowing the Appellants the liberty to pursue further actions.

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Issues involved:
The appeal against the order approving the Resolution Plan filed by the National Company Law Tribunal, Principal Bench at New Delhi. The main issue is whether the appellants, who were allotted a unit by the Corporate Debtor but failed to file their claim in the Corporate Insolvency Resolution Process (CIRP) in time, can now seek relief.

Details of the Judgment:

Issue 1: Late filing of claim by the Appellants
The Appellants claimed they were unaware of the CIRP and the approval of the Plan until May 2022, thus filing their claim belatedly in June 2022. They argued that the Resolution Professional should have reflected the amount they paid in the Information Memorandum, as per the Tribunal's judgment in Puneet Kaur Vs. K V Developers Pvt. Ltd.

Issue 2: Extinction of claims
The RP and Successful Resolution Applicant contended that all claims not part of the approved Resolution Plan are extinguished, citing the Supreme Court's judgment in Ghanshyam Mishra and Sons vs. Edelweiss Asset Reconstruction Co. Ltd. They argued that since the Appellants filed their claim after the approval of the Plan, no relief should be granted.

Judgment:
The Tribunal noted that the Appellants filed their claim after the approval of the Resolution Plan, and thus, no relief could be granted to them. The Adjudicating Authority's order approving the Plan was upheld. The Tribunal suggested that the Appellants could approach the Successful Resolution Applicant to present their claim details for consideration. Two Intervention Applications were also rejected. The Appeal was dismissed with no costs, granting the Appellants liberty to take further action.

This summary highlights the key issues of the judgment, including the late filing of the claim by the Appellants and the extinction of claims not part of the approved Resolution Plan. The Tribunal's decision not to grant relief to the Appellants due to the late filing of the claim and the suggestion for them to approach the Successful Resolution Applicant for consideration are key aspects of the judgment.

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