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2021 (6) TMI 495 - Tri - Insolvency and BankruptcyFresh claim after approval of resolution plan - Power to recall the order or set aside the order by which the Resolution Plan was approved - power of review is not provided under the IBC - whether direction can be given to the RP to consider the claim filed by any of the creditors either financial or operational once Resolution Plan has been approved - HELD THAT:- Admittedly, there is no provision for review of an Order under the Insolvency & Bankruptcy Code (IBC) and the applicant has also not produced any provision/law to show that this Adjudicating Authority is empowered to review its own order - Also, reading of Section 420 of the Companies Act, 2013 shows that the Tribunal may, at any time within two years from the date of the order, with a view to rectify any mistake apparent from the record, amend any order passed by it, if the mistake is brought to its notice by the parties - In the light of that provision, when we consider the case in hand, we notice that Section 420 of the Companies Act, 2013 gives a limited power to the Adjudicating Authority i.e. to rectify any mistake apparent from the record only. Error/mistake in the order passed by the Adjudicating Authority, by which the Resolution Plan was approved - HELD THAT:- Admittedly, the applicant has not raised any objection on the Resolution Plan. Therefore, they are not the necessary party in this proceeding. It is seen from the record that the applicant had filed the claim after the approval of the Resolution Plan by the CoC but before approval of the Resolution Plan by the Adjudicating Authority - From the perusal of the order passed by the Adjudicating Authority, we notice that all the facts and provisions of law, which are required to be considered while approving the Resolution Plan, have been taken note of and well discussed by this Adjudicating Authority before approving the plan. We do not see any mistake apparent from the record, which requires any rectification. Hence, Section 420 of the Companies Act, 2013 is not applicable in the case in hand - Thus, neither there is any justification nor there is any specific provision for review of an order passed by the Adjudicating Authority. Once the Resolution Plan has been approved by the CoC as well as the Adjudicating Authority, then in such a case, whether the law permits the Adjudicating Authority to give a direction to the RP to consider the claim filed by any of the creditors either financial or operational? - HELD THAT:- The Hon'ble Supreme Court in the JAYPEE KENSINGTON BOULEVARD APARTMENTS WELFARE ASSOCIATION & ORS. VERSUS NBCC (INDIA) LTD. & ORS. [2021 (3) TMI 1143 - SUPREME COURT] has reiterated the decision of COMMITTEE OF CREDITORS OF ESSAR STEEL INDIA LIMITED THROUGH AUTHORISED SIGNATORY VERSUS SATISH KUMAR GUPTA & OTHERS [2019 (11) TMI 731 - SUPREME COURT] and held that the claim, which was not submitted within the stipulated period, shall not be taken into consideration. In the present case, it is seen that the applicant had filed the claim after the approval of the Resolution Plan by the CoC and before the approval of the Resolution Plan by the Adjudicating Authority. Hence, once the Resolution Plan has been approved by the CoC as well as by the Adjudicating Authority or it is pending for consideration before the Adjudicating Authority, if the claim is not submitted within the time prescribed under the law, in such a case, the Adjudicating Authority cannot direct the RP to consider the claim filed by any of the creditors, either financial or operational. Application dismissed.
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