Rejection Of Belated And Contingent Claims By Resolution Professional Cannot Be Faulted: NCLAT

The NCLAT ruled that a Resolution Professional (RP) is not at fault for rejecting belated and contingent claims during the insolvency resolution process. The case involved the RP rejecting certain claims that were submitted after the prescribed deadlines and those based on contingent events. The tribunal upheld the RP's decision, emphasizing the importance of adhering to deadlines and the principles of fairness in the insolvency process. This ruling highlights the need for claimants to submit their claims within the timelines stipulated by the IBC to ensure their consideration in the resolution process.