Mere fact that application for approval of Resolution Plan is pending for consideration by NCLT does not entitle to file an IA for acceptance of claim after more than one and a half year of the approval of Resolution Plan by CoC – D S Kulkarni & Associates Vs. Manoj Kumar Aggarwal RP of D S Kulkarni Developers Ltd. – NCLAT New Delhi
In this case, Resolution Plan was approved by CoC on 13.08.2021 and the Applications were filed by the Appellant(s) in February 2023, i.e., more than one and a half year after approval of the Resolution Plan.
Hon’ble NCLAT holds that:
(i) The MoU, which is the basic document submitted by the Appellant to prove financial debt, does not indicate that transactions are covered by Section 5, sub-section (8) of the Code.
(ii) The mere fact that Application for approval of Resolution Plan is pending for consideration by the Adjudicating Authority does not entitle the Appellant(s) to file an Application for acceptance of their Claim after more than one and a half year of the approval of the Resolution Plan by the CoC.
