Successful Resolution Applicant cannot suddenly be faced with “undecided” claims after the resolution plan submitted by him has been accepted – Shree Sidhivinayak Cotspin Private Limited & Anr Vs. Resolution Professional of Maruti Cotex Limited & Anr – NCLAT New Delhi
NCLAT held that it is clear that successful resolution applicant cannot suddenly be faced with “undecided” claims after the resolution plan submitted by him has been accepted. 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. The law laid down by Hon’ble the Supreme Court in the above-mentioned case is applicable in this case as well. The Adjudicating Authority has neither varied the terms of the approved Resolution Plan, nor denied any concession. In fact, the Adjudicating Authority has not allowed general waiver from the statutory liabilities and has specified that the Resolution Applicant may apply for such reliefs and concessions to the relevant Authorities who may consider the same as per applicable laws.
