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2021 (6) TMI 343 - Tri - Insolvency and BankruptcyFresh claim after approval of resolution plan - state electricity distribution company - Arrears against the Corporate Debtor/Applicant - Resolution plan was already passed and all assets were taken over - HELD THAT:- The Applicant has successfully taken over the assets and operations of the Corporate Debtor by effectively complying with the Resolution Plan. Thus, only the name of the Corporate Debtor is retained and whereas the management of the Corporate Debtor is not at all related to the erstwhile management. Therefore, as soon as the Order approving the Resolution Plan was passed by this Tribunal, and the Plan was put into effect, Section 32A of the Code is attracted. Therefore, R1 is barred from raising any arrears against the Corporate Debtor/Applicant at this juncture - constitutional validity of Section 32A has been upheld. Taking into consideration the intent of the insertion of Section 32A, the submission of R1 is against the principles of Section 32A of the Insolvency and Bankruptcy Code, 2016 - Application allowed.
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