Once CoC Approves Resolution Plan Then No Claim Is To Be Entertained: NCLAT

The NCLAT ruled that once a Committee of Creditors (CoC) approves a resolution plan, no further claims should be entertained. This ruling clarified that once the CoC has voted in favor of a resolution plan under the IBC, creditors cannot submit any new claims or objections. The decision reinforces the finality of the CoC’s approval and aims to expedite the resolution process by preventing unnecessary delays caused by additional claims. It also reflects the IBC’s goal of providing a time-bound solution to insolvency cases, ensuring that the resolution process is concluded without further complications or challenges.