The National Company Law Tribunal (NCLT), Chennai Bench of Sanjiv Jain (Judicial Member) Shri. Ravichandran Ramasamy (Technical Member) has held that after the initiation of the Corporate Insolvency Resolution Process (CIRP), there can be no encumbrances on the assets of the corporate debtor, and all claims must be dealt with in accordance with Section 53 of the IBC.
The present application has been filed under section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking impleadment in the Resolution Plan approval application filed by the Resolution Professional. It is further prayed that the Resolution Plan should be remanded to the Resolution Applicant with directions to treat the Applicants at par with other…