Time-bound insolvency claims cannot be revived after resolution plan approval when public announcement gives deemed knowledge.

A claim filed after the public announcement period and after approval of the resolution plan was treated as belated and not admissible. The insolvency framework is time-bound, and public announcement under the Code and Regulations gives deemed knowledge of the corporate insolvency resolution process. Entertaining a fresh claim after Committee of Creditors approval would unsettle the resolution process and reopen settled issues, so refusal to admit the delayed claim was upheld.

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Issues: Whether a claim filed after public announcement, and after approval of the resolution plan by the Committee of Creditors, could be admitted or the rejection of such delayed claim was liable to be set aside.

Analysis: The claim was filed long after the last date fixed pursuant to the public announcement and after the Committee of Creditors had already approved the resolution plan. The Insolvency and Bankruptcy Code contemplates a time-bound resolution process, and public announcement under the Code and the Regulations constitutes deemed knowledge of the corporate insolvency resolution process. Once the resolution plan has been approved by the Committee of Creditors, entertaining a fresh claim at a belated stage would unsettle the process and reopen settled issues. The Tribunal therefore committed no error in refusing to admit the delayed claim.

Conclusion: The rejection of the appellant's claim as delayed was upheld, and the appeal failed.

Ratio Decidendi: A claim not filed within the prescribed CIRP timeline and sought to be introduced after approval of the resolution plan cannot ordinarily be entertained, as the insolvency framework is time-bound and public announcement gives deemed knowledge of the process.

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