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2020 (6) TMI 346 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and default or not - HELD THAT:- As per provision of Sub-section (6) of section 60 of I&B Code, it is always open to a Creditor to proceed with the suit or arbitration proceeding, if pending, on completion of the Moratorium. However, once a Creditor/'Financial Creditor' or 'Operational Creditor' files its claim before the 'Resolution Professional' and the same is taken into consideration by the 'Successful Resolution Applicant' and while submitting the plan or the revised plan providing them same treatment as has been given to the other similarly situated 'Financial Creditors'/'Operational Creditors', the 'Financial Creditors'/'Operational Creditors', thereafter cannot take the benefit of sub-section (6) of section 60 of the 'I&B Code' nor they can pray to pursue the suit or arbitration proceeding or to file a fresh suit or arbitration proceeding for the same claim. In terms of section 31, once the 'Resolution Plan' is found to be in accordance with section 30(2) and is duly approved by the Adjudicating Authority, it is binding on all the stakeholders including the 'Financial Creditor'/'Operational Creditor' and the 'Corporate Debtor' etc. The approved 'Resolution Plan' including the revised 'Resolution Plan', as per offer as inconsonance with section 30(2) of the 'I&B Code', the Appellants cannot be allowed to pursue the alternative remedy of suit or arbitration proceeding even if it is pending - the 3rd Respondent ('Successful Resolution Applicant') to provide Appellant(s) with the same treatment as has been given to the other similarly situated 'Financial Creditors' and pay pro-rata amount i.e., same percentage of claim amount, as made available to other similarly situated 'Financial Creditors'. Appeal disposed off.
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