The National Company Law Appellate Tribunal (NCLAT) dismissed a plea by the Himachal Pradesh GST Department seeking to recall an approved resolution plan, citing belated claims worth ₹13.6 crore.
The Appellate Tribunal held that allowing such late-stage claims, especially after the resolution plan has already been implemented, would not only derail the Corporate Insolvency Resolution Process (CIRP) but also undermine the objectives of the IBC framework.
The Corporate Debtor, Radiant Castings Private Limited, a manufacturing company undergoing insolvency proceedings, had its resolution plan approved by the Committee of Creditors (CoC) in May 2023, with over 70% voting in favour. The National Company Law Tribunal…