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2021 (11) TMI 472 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHIConsideration of new/undecided claims, after implementation of Resolution plan - HELD THAT:- Once the Resolution Plan has been implemented after approval by the Adjudicating Authority, any claim cannot be considered. Hon”ble Supreme Court has held in the matter of COMMITTEE OF CREDITORS OF ESSAR STEEL INDIA LIMITED THROUGH AUTHORISED SIGNATORY VERSUS SATISH KUMAR GUPTA & OTHERS [2019 (11) TMI 731 - SUPREME COURT] and also in the matter of JAYPEE KENSINGTON BOULEVARD APARTMENTS WELFARE ASSOCIATION & ORS. VERSUS NBCC (INDIA) LTD. & ORS. [2021 (3) TMI 1143 - SUPREME COURT] that a Successful Resolution Applicant cannot be faced with undecided claims after the Resolution Plan submitted by him has been approved as this would amount to a “hydra head popping up, which would throw into uncertainty amounts payable by a prospective Resolution Applicant who successfully takes over the business of the Corporate Debtor.” There is no legal provision that allows it to recall or review its order dated 20.2.2020 approving the resolution plan for the corporate debtor. Moreover, once the Resolution Plan has been approved and implemented, any new/undecided claims cannot be considered as has been held in a number of judgments of the Hon”ble Supreme Court - Appeal dismissed.
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