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2023 (3) TMI 70 - AT - Insolvency and BankruptcyCIRP - Approval of the Resolution Plan - whether the Appellant/Operational Creditor can be allowed to pursue the Arbitration Proceedings in the light of the ratio laid down by the Hon’ble Apex Court in FOURTH DIMENSION SOLUTIONS LTD. VERSUS RICOH INDIA LTD. & ORS. [2022 (1) TMI 1352 - SUPREME COURT]? - Contingent Liability HELD THAT:- any ‘Claims’ which are not part of the Resolution Plan shall stand extinguished and no person would be entitled to continue any Proceedings in respect of a ‘Claim’, which is not part of Resolution Plan. The Hon’ble Apex Court had disposed of the Appeal with a liberty to the parties to pursue all contentions available to them in the Proceedings at the relevant period of time. Contingent Liability - HELD THAT:- The ratio of this Judgement is applicable to the facts of this case, keeping in view that the CIRP Proceedings were invoked under Section 10 of the Code, that the name of the Appellant was mentioned in the list of Operational Creditors, that the RP had posted on the website that the Claims of the Operational Creditors are under verification, and that admittedly Pre-Arbitration Proceedings were pending prior to the invocation of the Section 10 Proceedings, and there was no Contingent Liability or any other provision made in the Resolution Plan, subject of course, to the result of the Arbitration Proceedings. There is no illegality in the Order of the Approval of the Resolution Plan by the Adjudicating Authority and there are no reason to set aside the Resolution Plan per se except for observing that the RP ought not to have made a ‘Contingent Provision’ with respect to the Appellant herein having regard to the specific facts of this case, which would be subject to the result of the Arbitration Proceedings. Having observed so, liberty is being given to the Appellant herein to pursue all contentions available to them in the pending Arbitration Proceedings and the same be decided in the said proceedings on its own merits in accordance with law. Appeal disposed off.
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