No Claim Can Be Submitted After Approval Of Resolution Plan By CoC If Creditor Was Aware Of CIRP Initiation Against Corporate Debtor: NCLAT

NCLAT ruled no claims can be submitted after resolution plan approval if creditors were aware of CIRP initiation. This decision emphasizes the importance of timelines in insolvency processes, preventing last-minute claims that could disrupt approved resolutions. The judgment balances creditor rights with the need for finality in corporate rescue efforts, crucial for maintaining the IBC's time-bound efficiency.