NCLAT held that based on the terms of the approved Resolution Plan, it is clear that the Operational Creditors has no rights against the acquiring Company relating to the period, before the Effective Date. The Acquiring Company shall not have any liability towards Operational Creditors for the amounts owed prior to the Effective Date. Since the claim of the Appellant, i.e. the Statutory dues are the operational debt of the corporate debtor, Uttam Strips Pvt Ltd, and no claim was filed by the Appellants before the Resolution Professional, despite the knowledge of the CIRP against the Corporate Debtor Uttam Strips Ltd, therefore the Appellants does not have any right to claim its dues from the acquiring Company, i.e. Jyoti Strips Ltd. The approved Resolution Plan is binding on all the stakeholders; therefore, the Appellant is abode by the terms of the Approved Resolution Plan.
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