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2021 (3) TMI 1346 - NATIONAL COMPANY LAW TRIBUNAL , CHANDIGARH BENCHApproval of Resolution Plan - Section 31 of the IBC - HELD THAT:- It is a matter of record that the main petition i.e. CP (IB) No. 122/Chd/HP/2019 was admitted on 23.12.2019 and IRP was appointed, who invited claims by making public announcement in Form A and the last date for submissions of claims were mentioned as 05.01.2020. However, the applicant has submitted its claim on 18.11.2020 in accordance with Regulation 7(1), much beyond the stipulated time. It is matter of record that RP has already issued IM to resolution applicant on 17.10.2020. The claim made after the resolution plan has already been received by the Resolution Professional. At that belated stage, if such type of applications are allowed, the resolution plans already received by the COC from the prospective resolution applicants, may get failed, as those are filed on the basis of Information Memorandum (IM). The Prospective Resolution Applicants submitted their resolution plan on the basis of their financial capacity and availability of funds - If such claim is accepted, then the Resolution Applicants have to make corrections in their plans, that apart, RP has to make corrections in the IM and its report, correction in the stakeholder list, etc., for which RP has to take permission from this Adjudicating Authority, which may further delay the CIRP. Moreover, CIRP cannot be allowed/extended beyond upper limit of 330 days, in that event the corporate debtor would be compelled to go for liquidation. There is every likelihood that the Resolution Applicants may withdraw their plan, as it will be a burden with other huge claims of the creditors, which they might have not planned earlier, while working out the resolution plan based on the Information Memorandum. Thus, under such situation, the corporate debtor may be pushed for liquidation - Application dismissed.
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