Resolution Professional cannot Entertain any Claims Arising After Commencement of CIRP: NCLAT

The National Company Law Appellate Tribunal (NCLAT) ruled that a resolution professional cannot entertain claims arising after the commencement of the Corporate Insolvency Resolution Process (CIRP). The case involved a party seeking to file claims after the initiation of the CIRP, which the resolution professional rejected. The NCLAT upheld the decision, emphasizing that any claims arising after the commencement of the CIRP must be filed within the prescribed time frame and that allowing such claims later would be contrary to the Insolvency and Bankruptcy Code (IBC) principles. The order underscores the importance of strict adherence to timelines during the insolvency process.