The Appellate Tribunal dismissed the appeal, holding that the...

The Appellate Tribunal dismissed the appeal, holding that the appellant's claim for outstanding income tax demands against the corporate debtor could not be admitted after the approval of the resolution plan. The key points are: the appellant failed to file a firm and determinate claim within the stipulated timeframe during the CIRP, merely intimating potential heavy tax demands without specifying amounts. The appellant crystallized the tax demands through assessment orders after the CoC and Adjudicating Authority had already approved the resolution plan on 20.06.2022. Once the resolution plan is approved, claims not filed earlier stand frozen and extinguished. Allowing belated claims would undermine the finality of the resolution process and burden the successful resolution applicant with unanticipated liabilities, rendering the plan unworkable. Admitting the appellant's belated claim after plan approval would set an undesirable precedent and cause further delays in the CIRP.