Belated insolvency claims cannot disturb an approved resolution plan when filed after the prescribed timeline.

A belated insolvency claim filed after the public announcement and after approval of the resolution plan was held not to be entertainable. The record showed that the claimant had earlier stated its claim was fully and finally settled, and the claim was also absent from the corporate debtor's books. In a time-bound CIRP, such delayed claims cannot unsettle an approved plan or reopen the process when the claimant was aware of the proceedings but failed to act within the prescribed timeline. The rejection of the claim was therefore upheld and no interference was warranted.

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Issues: Whether a claim filed after the last date for submission and after approval of the resolution plan could be directed to be admitted and verified, and whether the rejection of such belated claim was justified.

Analysis: The claim was filed long after the public announcement and after the committee of creditors had approved the resolution plan. The record also showed a prior written stand by the society that its claim against the developer had already been fully and finally settled, and the claim was not reflected in the corporate debtor's books. In a time-bound insolvency process, belated claims cannot be allowed to unsettle an approved plan or reopen the CIRP, particularly when the claimant was already aware of the proceedings and did not act within the prescribed timeline.

Conclusion: The rejection of the belated claim was upheld and the appellant was denied relief.

Final Conclusion: The appellate challenge failed because the delayed claim could not be entertained after approval of the resolution plan, and no ground was shown to interfere with the rejection order.

Ratio Decidendi: In insolvency resolution, claims must be lodged and decided within the prescribed timeline, and a claim filed after approval of the resolution plan cannot ordinarily be revived to disturb the finality of the approved resolution.

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