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2023 (1) TMI 1296 - AT - Insolvency and BankruptcyApproval of Resolution Plan - It is submitted that for the mere fact that Appellant did not file its claim, Appellant shall not be disentitled from distribution as Secured Creditor - HELD THAT:- From the facts brought on the record, there is no dispute that at the time when claim was filed by the Appellant on 01.06.2022, the CoC has already approved the Resolution Plan. The judgment of Hon’ble Supreme Court in State Tax Officer (1) vs. Rainbow Papers Ltd. [2022 (9) TMI 317 - SUPREME COURT] was considering a claim which were invited on 05.10.2017 which was much prior to amendment in the Regulation, as has been noted in the judgment. In the facts of the present case, the plan approved has also been implemented and the amount received has been disbursed to the Financial Creditors and other claimants as per the Resolution Plan. The submission of learned counsel for the Appellant that the Appellant being a Secured Creditor as per the law laid down by the Hon’ble Supreme Court in State Tax Officer (1) vs. Rainbow Papers Ltd. he ought to have been allocated amount as per Section 53 at par with the Secured Financial Creditors cannot be accepted in the facts of the present case. When there is no claim filed by the Appellant within time, no error has been committed by the Adjudicating Authority in approving the Resolution Plan, which was approved by the CoC much prior to filing of the claim by the Appellant. Thus, no relief can be granted to the Appellant in the facts of the present case - appeal dismissed.
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