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Appeals against resolution plan approval must be filed within 30 days of pronouncement, with a further 15 days available for sufficient cause. Delayed knowledge or failure to notify claimants does not extend the outer limit, and exclusion of time for obtaining a certified copy requires an application. The resolution professional must inform claimants of the payment principle or formula after approval; non-compliance may invite regulatory action. Provident fund sums excluded from the liquidation estate fall outside the distribution waterfall, and admitted protected dues must be provided for in full. Interest and damages undetermined before insolvency proceedings commence are contingent liabilities that creditors may leave unprovided for. Claims not provided for are extinguished upon plan approval; admission and verification disputes may be challenged during insolvency proceedings.
Appeals against resolution plan approval must be filed within 30 days of pronouncement, with a further 15 days available for sufficient cause. Delayed knowledge or failure to notify claimants does not extend the outer limit, and exclusion of time for obtaining a certified copy requires an application. The resolution professional must inform claimants of the payment principle or formula after approval; non-compliance may invite regulatory action. Provident fund sums excluded from the liquidation estate fall outside the distribution waterfall, and admitted protected dues must be provided for in full. Interest and damages undetermined before insolvency proceedings commence are contingent liabilities that creditors may leave unprovided for. Claims not provided for are extinguished upon plan approval; admission and verification disputes may be challenged during insolvency proceedings.
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