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NCLAT dismissed the appeal challenging the rejection of belated additional claims filed by the Appellant-EPFO after the resolution plan's approval. The Tribunal held that claims filed 521 days post the prescribed deadline cannot be entertained, as accepting such claims would compromise the insolvency resolution process and violate the 'clean slate' principle established by Supreme Court precedents. The resolution plan, once approved by the Committee of Creditors, becomes binding on all stakeholders, and no subsequent claims can be thrust upon the resolution applicant, thereby upholding the Resolution Professional's decision to reject the delayed claims.
NCLAT dismissed the appeal challenging the rejection of belated additional claims filed by the Appellant-EPFO after the resolution plan's approval. The Tribunal held that claims filed 521 days post the prescribed deadline cannot be entertained, as accepting such claims would compromise the insolvency resolution process and violate the 'clean slate' principle established by Supreme Court precedents. The resolution plan, once approved by the Committee of Creditors, becomes binding on all stakeholders, and no subsequent claims can be thrust upon the resolution applicant, thereby upholding the Resolution Professional's decision to reject the delayed claims.
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