TaxTMI 
TaxTMI 
2021 (1) TMI 965
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....ed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 before the National Company Law Tribunal, Principal Bench at New Delhi. In such proceedings, a Resolution Plan had been prepared and approved by the Adjudicating Authority. Such Resolution Plan had been challenged in appeal before the National Company Law Appellate Tribunal. Such appeal had been dismissed. Consequently, in view of 2020 (8) SCC 531 (Committee of Creditors of Essar Steel India Ltd. v. Satish Gupta and others), the claim of the plaintiff does not survive the approval of the Resolution Plan. He has submitted that the plaintiff is not entitled to any relief and that, the application should be dismissed. 3. The original plaintiff had filed the instant suit....
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....erve that, the proposed substituted plaintiffs may apply before the National Company Law Tribunal for appropriate reliefs. No claims had been lodged by the plaintiffs before the interim Resolution Professional or the National Company Law Tribunal. 5. On October 7, 2017, the Resolution Professional had made a public announcement under section 25 (2)(h) of the Insolvency and Bankruptcy Code, 2016 inviting Resolution Plans from prospective resolution applicants to submit their proposals. Tata Steel Limited had submitted its Resolution Plan on February 3, 2018. The Committee of Creditors of the defendant had approved such Resolution Plan of Tata Steels Limited. On being satisfied that the Resolution Plan of Tata Steels Limited satisfied the re....
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....t, it shall be binding on the corporate debtor as well as the guarantor. This is for the reason that otherwise, under section 133 of the Contract Act, 1872, any change made to the debt owed by the corporate debtor, without the surety's consent, would relieve the guarantor from payment. Section 31(1), in fact, makes it clear that the guarantor cannot escape payment as the resolution plan, which has been approved, may well include provisions as to payments to be made by such guarantor. This is perhaps the reason that Annexure VI(e) to Form 6 contained in the Rules and Regulation 36(2) referred to above, require information as to personal guarantees that have been given in relation to the debts of the corporate debtor. Far from supporting ....
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...." claims after the resolution plan submitted by him has been accepted as this would amount to a hydra head popping up which would throw into uncertainty amounts payable by a prospective resolution applicant who would successfully take over the business of the corporate debtor. All claims must be submitted to and decided by the resolution professional so that a prospective resolution applicant knows exactly what has to be paid in order that it may then take over and run the business of the corporate debtor. This the successful resolution applicant does on a fresh slate, as has been pointed out by us hereinabove. For these reasons, NCLAT judgment must also be set aside on this count." 7. The Adjudicating Authority had accepted the Resolution....