The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member) and Mr. Arun Baroka (Technical Member) has held that when a creditor is well aware of the initiation of the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor but chooses not to file a claim before the Resolution Professional, it cannot be permitted to submit the claim after the Resolution Plan has been approved by the Committee of Creditors (CoC).
Brief Facts:
An Agreement dated 29.05.2015 was entered between United News of India and the Appellant where T.C.A. Surveyors & Advisors Pvt. Ltd. (Appellant) was chosen to develop various properties of United News of India situated in different…
