Once the claim was returned by Resolution Professional, there is no substantive claim to be included in the Resolution Plan in the absence of re-submission of the said claim | Merely because the waiver was not allowed by the NCLT while approving the Resolution Plan would not, ipso facto, resurrect the right of claim – Union of India Vs. OCL Iron and Steel Ltd. – Delhi High Court
Hon’ble Division Bench of Delhi High Court while dismissing LPA held that the appellant did not take appropriate steps in law to lay its claim in time and by prescription of law, that is the IBC, and supervening circumstances, claims not forming part of the Resolution Plan as approved, stood extinguished. Besides, the “clean slate” theory.