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2022 (5) TMI 491 - Tri - Insolvency and BankruptcySituation of recovery of claims post approved Resolution Plan - recovery of an amount to be paid in accordance with the provisions of Section 8B of Employees Provident Funds & Miscellaneous Provisions Act, 1952 along with interest under Section 7Q of the said Act and all costs, charges and expenses, after resolution plan approved and dues discharged/extinguished - HELD THAT:- No one can come and raise demand/file claims after the Resolution Plan is approved and plan is under implementation. If claims are allowed to be admitted as and when the claims are submitted after the Plan is approved, then the Resolution Plan of the Stressed Assets shall fail and the objectives of the IBC defeated - It is also observed that in the approved Resolution Plan, it was clearly stated that barring aside the claims admitted and forming part of the Resolution Plan any other claim and/or demand prior to the effective date shall stand extinguished. Under these circumstances, the present application with the prayers needs to be allowed. Hence the demand of the Respondent prior to 20th September, 2018 amounting to Rs. 78,93,960.00, out of the total claim of Rs. 80,07,965.00 for the period February, 2016 to April, 2019 is hereby extinguished as prayed for in terms of the Resolution Plan approved - Application admitted.
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