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2021 (3) TMI 1382 - Tri - Insolvency and BankruptcyAcceptance of proof of claim submitted by the Applicant - treating Applicant as a secured financial creditor entitled to all rights and privileges of a secured financial creditor - seeking reconstitution of Committee of Creditors within 7 (Seven) days from the date of disposal of this Application - seeking utilization of refund amount, first to pay the outstanding dues / loan amounts as set out under the proof of claim submitted by the Applicant - HELD THAT:- Once a Resolution Plan was approved by the CoC, no claim can be accepted and the same shall amount to ‘hydra head popping’, which would throw into uncertainty the amounts payable by the prospective Resolution Applicant who successfully takes over the business of the Corporate Debtor. The ratio of Essar Steel judgment and JSW Steel was followed by the Hon’ble NCLAT in the case titled followed by the Hon’ble NCLAT in SANTOSH WASANTRAO WALOKAR, DALMIA CEMENT (BHARAT) LIMITED, M/S SNEHA TRADERS, M/S SHAMRAO BALIRAM, MR. NITIN MURLIDHAR SUGANCHAND AGRAWAL, MR. LALCHAND MALOO, MS. PRAKRITI NIGAM VERSUS VIJAY KUMAR V. IYER, DALMIA CEMENT (BHARAT) LIMITED, M/S. MURALI INDUSTRIES LIMITED [2020 (4) TMI 385 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI], wherein it was held that the Resolution Applicant cannot be suddenly faced with undecided claims after the Plan submitted by him has been accepted. There are force in the contention of the Respondent that the resolution professional has sought for the clarifications/ documents with regard to the claim. The Applicant sat on their unsubstantiated claim for various months, without furnishing the proof substantiating her claim, owing to which their claim could not be verified. In the absence of documents supporting the claim of the Applicant, the RP cannot process and accept the claim of the Applicant - If the claim of said home buyers who had taken loans from applicant is already admitted then same amount of claim cannot be again admitted by RP which will amount to duplication. The present application fails and is rejected.
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