TaxTMI 
TaxTMI 
2022 (9) TMI 858
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.... Per ; Shreesha Merla , Member ( T ) ] 1. Challenge in this Appeal is to the Impugned Order dated 17.03.2021 passed by the Learned Adjudicating Authority (National Company Law Tribunal, New Delhi Bench, Court No. IV), in IA 372/2019 in CP (IB) No.- 1059/ND/2018, whereby the Adjudicating Authority has dismissed the Application IA 372/2019 preferred by the Appellant herein giving the following reasons: "14. The RP has denied that all information have been provided by the Applicant, the information sought is still awaited, which is the major reason for the RP being unable to verify the claim of the Applicant. RP is unable to admit the claim of the Applicant based solely on the information provided by the Applicant. The duty of the ....
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....bunal can now be decided by an appropriate forum in terms of Section 60(6) of the Code, also militates against the rationale of Section 31 of the Code. A successful resolution applicant cannot suddenly be faced with "undecided" 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 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 successfu....
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....upto filing of this application in September 2019, there is no explanation for lapse in filing proper documents with RP. More over the resolution plan is approved and as per the ration laid down by Hon'ble Supreme Court and Hon'ble NCLAT with respect to unsustainability of undecided claims after approval of resolution plan, there is no doubt to reject the application." 2. It is the case of the Appellant that they had provided various legal and allied services to the 'Corporate Debtor' for a monthly fee of Rs.2Lakhs/- for the period 01.11.2016 to 01.11.2018 based upon a Retainer Agreement dated 13.01.2017 which was effected from 01.11.2016 and executed between the 'Corporate Debtor' and the Appellant herein. While so, on 26.11.2018, the '....
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.... public record that the Directors were disqualified under Section 164(2) of the Companies Act, 2013 for the period 2015-2020 as per the list available on the website of Ministry of Corporate Affairs. Learned Counsel placed reliance on the ratio of the Hon'ble Supreme Court in the Judgement of 'Committee of Creditors of Essar Steel India Limited Through Authorized Signatory' Vs. 'Satish Kumar Gupta & Ors.' (2020) 8 SCC 531, in support of his argument that once a Resolution Plan was approved by the CoC, no claim can be accepted and the same shall amount to 'hydra-head popping' which would throw everything into uncertainty. It is also the case of the Respondent that a Successful Resolution Applicant cannot be asked to face undecided claims aft....
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....f the Code is detailed as hereunder: "31. Approval of resolution plan. - (1) If the Adjudicating Authority is satisfied that the resolution plan as approved by the committee of creditors under sub-section (4) of section 30 meets the requirements as referred to in sub-section (2) of section 30, it shall by order approve the resolution plan which shall be binding on the corporate debtor and its employees, members, creditors, [including the Central Government, any State Government or any local authority to whom a debt in respect of the payment of dues arising under any law for the time being in force, such as authorities to whom statutory dues are owed,] guarantors and other stakeholders involved in the resolution plan...........