https://www.taxtmi.com/caselaws?id=446632 The NCLAT dismissed an operational creditor's appeal challenging rejection of a Section 9 application filed against a corporate debtor whose resolution plan was already approved in 2017. The tribunal held that claims not filed before the resolution professional within stipulated timelines and not included in the approved resolution plan stood extinguished. The operational creditor could not initiate fresh insolvency proceedings based on extinguished claims after the corporate debtor had commenced operations with a clean slate. The tribunal found the creditor was indirectly attempting to challenge the resolution plan approval after five years, which was legally untenable under the IBC framework. en-us Wed, 06 Dec 2023 00:00:00 +0530 Fri, 08 Dec 2023 08:55:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446632 The NCLAT dismissed an operational creditor's appeal challenging rejection of a Section 9 application filed against a corporate debtor whose resolution plan was already approved in 2017. The tribunal held that claims not filed before the resolution professional within stipulated timelines and not included in the approved resolution plan stood extinguished. The operational creditor could not initiate fresh insolvency proceedings based on extinguished claims after the corporate debtor had commenced operations with a clean slate. The tribunal found the creditor was indirectly attempting to challenge the resolution plan approval after five years, which was legally untenable under the IBC framework. Case-Laws Insolvency and Bankruptcy Wed, 06 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446632