https://www.taxtmi.com/caselaws?id=764679 NCLAT dismissed appeal challenging maintainability of counter claim during CIRP proceedings. Tribunal held that Section 60(5) of IBC 2016 cannot be invoked to raise counter claims against corporate debtor within time-bound resolution process, as this would delay proceedings and distort IBC objectives. Following SC precedent in Adani Power Limited, court ruled that claims not included in approved resolution plan are extinguished and cannot be subsequently agitated. Counter claim was deemed non-maintainable as appellant's claim denial had attained finality without challenge before appropriate forum. en-us Mon, 06 Jan 2025 00:00:00 +0530 Wed, 15 Jan 2025 18:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764679 NCLAT dismissed appeal challenging maintainability of counter claim during CIRP proceedings. Tribunal held that Section 60(5) of IBC 2016 cannot be invoked to raise counter claims against corporate debtor within time-bound resolution process, as this would delay proceedings and distort IBC objectives. Following SC precedent in Adani Power Limited, court ruled that claims not included in approved resolution plan are extinguished and cannot be subsequently agitated. Counter claim was deemed non-maintainable as appellant's claim denial had attained finality without challenge before appropriate forum. Case-Laws IBC Mon, 06 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764679