Binding resolution plan and finality of claims bar belated post-approval applications under insolvency law

An approved resolution plan under the Insolvency and Bankruptcy Code attains finality and is binding on claims covered by it, so the Adjudicating Authority was not required to entertain a post-approval application filed months later under Section 60(5) and Section 9. The Tribunal agreed that the corporate debtor could not be proceeded against for dues not provided for in the approved plan. It also recorded by consent that the NCLT's observations in the dismissal order would not bar either party from pursuing legal remedies in accordance with law.

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Outcome: The appeal was disposed of by consent, with the observation that the remarks recorded in the order dated 28.01.2022 would not prejudice either party in pursuing remedies in accordance with law.

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