Timely challenge to contingent claim classification is essential; implemented resolution plans cannot be reopened through delayed creditor claims.

A creditor that was informed its claim had been classified as contingent during the corporate insolvency resolution process had to challenge that classification before the Adjudicating Authority. Seeking modification of an interim stay before another forum did not replace the need for a timely challenge within the insolvency process. Once the resolution plan was approved, fully implemented, and the insolvency proceeding closed, it could not be disturbed by claims that had not been timely pursued. The post-implementation challenge to the resolution plan was therefore not maintainable.

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Issues: Whether a creditor that did not challenge the Resolution Professional's classification of its claim as contingent can challenge the approved resolution plan after its implementation.

Analysis: The creditor was informed during the corporate insolvency resolution process that its claim was categorised as contingent, but did not challenge that determination before the Adjudicating Authority. Its subsequent pursuit of modification of an interim stay before another forum did not displace the need to timely contest the claim classification in the insolvency process. The resolution plan was approved and thereafter fully implemented, with the insolvency proceeding closed. An approved and implemented resolution plan cannot be disturbed by claims not timely agitated, since the successful resolution applicant cannot be exposed to fresh or resurrected claims after plan approval.

Conclusion: The challenge to the resolution plan was not maintainable at the post-implementation stage and was decided against the appellant.

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