Haryana State Commission Holds Ansal Properties Liable For Delay In Possession, Orders Refund And Compensation

The NCLAT has clarified that the decision of a Resolution Professional to not admit a claim during the resolution process under the Insolvency and Bankruptcy Code (IBC) cannot be challenged for the first time in an appeal before the Appellate Tribunal. This ruling stems from the nature of the IBC’s procedural framework, which mandates that decisions by the Resolution Professional be challenged within the framework of the resolution process itself. The Appellate Tribunal, therefore, does not entertain challenges that are not in line with the prescribed process under the Code, ensuring a structured approach to corporate insolvency resolution.