NCLT Can't Hear Section 43 Applications After Resolution Plan Approval; New Management Gains Full Control Over Company Actions.

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....Jurisdiction of the NCLT to hear applications under Section 43 after the approval of the Resolution Plan - The fact that the new management can take a decision in respect of any agreement which is deemed to be not beneficial to it also supports the interpretation that after the Plan is approved, the company is completely in the hands of the new management and neither the NCLT nor the RP has any right or power in respect of the said company. As can be seen in the present case, the Corporate Debtor in its new avatar has terminated the agreement with the Petitioner. - The above discussion is only in the context of Resolution processes and would however not apply in case of liquidation proceedings. - HC....