Imported cement concessional duty exemption under Notification 4/2006 challenged over RSP misdeclaration; demand, interest and s.114A penalty set asid...
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The dominant issue was whether an appeal against rejection of a belatedly filed claim could yield any effective relief after approval of a resolution plan. The tribunal held that the claim was lodged beyond the prescribed submission date, was never admitted in the CIRP, and therefore did not form part of the approved resolution plan. Applying the principle that, upon plan approval, claims not included stand extinguished, and relying on precedent treating such post-approval challenges as infructuous, it concluded that no substantive relief could be granted. The appeal was dismissed as infructuous. - NCLAT
The dominant issue was whether an appeal against rejection of a belatedly filed claim could yield any effective relief after approval of a resolution plan. The tribunal held that the claim was lodged beyond the prescribed submission date, was never admitted in the CIRP, and therefore did not form part of the approved resolution plan. Applying the principle that, upon plan approval, claims not included stand extinguished, and relying on precedent treating such post-approval challenges as infructuous, it concluded that no substantive relief could be granted. The appeal was dismissed as infructuous. - NCLAT
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