Resolution Plan entitlement limited by Clause-XI where late claimants could seek only merit-based relief under the approved terms.

An allottee who did not file a claim before approval of the Resolution Plan remained covered for six months under Clause-XI, but was entitled only to the relief assessed on merits by the Resolution Applicant, including refund of 50% of the principal amount if genuineness was established. As the appellants submitted their claim only after approval and their entitlement was confined by the plan terms, the communication issued by the Successful Resolution Applicant was held consistent with the approved plan. No ground was made out to interfere with the NCLAT order, and the appeal failed.

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Issues: Whether the appellants were entitled to interference with the NCLAT order in view of Clause-XI of the approved Resolution Plan and the communication limiting their entitlement to 50% of the principal amount.

Analysis: Clause-XI of the approved Resolution Plan provided that an allottee who had not filed a claim with the Resolution Professional would not stand extinguished for six months from approval of the plan, but would be eligible only to such relief as determined on merits by the Resolution Applicant, including refund of 50% of the principal amount upon genuineness being established. The appellants submitted their claim after approval of the Resolution Plan and, on the admitted facts, their entitlement could not extend beyond the relief contemplated in the plan. The communication issued by the Successful Resolution Applicant was consistent with the plan terms.

Conclusion: No ground was made out to interfere with the NCLAT order, and the appeal failed.

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