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TMI Blog2022 (7) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... ly/video conference. 2. This is an application under Section 60 (5) of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the National Company Law Tribunal Rules, 2016, filed by the applicant seeking for the following reliefs: a. The respondent nos. 1, 2 and 3 be jointly or severably be directed to forthwith make good the losses suffered by the applicant for a sum of Rs. 5,70,90,760/-; b. The losses as suffered by the applicant for a sum of Rs. 5,70,90,760/- be considered as part of the CIRP cost and be accordingly disbursed to the applicant; c. In the alternative, the respondent No. 1 be directed to deliver 2764 MT of stainless steel flat in terms of the purchase orders immediately. d. The respondent No. 3 be directe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... application. The applicant has stated that in terms of the losses suffered due to contractual breach by the Corporate Debtor, applicant is entitled to be compensated. 6. The applicant has stated that while respondent No. 1 was undergoing CIRP, the applicant had raised 16 purchase orders upon the respondent No. 1 for purchasing of total quantity comprising of 4323 MT of stainless-steel flat from the respondent no. 1 which was being represented by the respondent no. 2 during the CIRP. 7. The applicant was regularly following up with the Respondent No. 2 who was the Resolution Professional, regarding the supply of entire consignment. Respondent No. 2 continued to assure the applicant that sooner or later the entire quantity of consignment wo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt is required to be compensated out of the CIRP cost. It is to be noted here that respondent No. 1 went under CIRP. The Resolution Plan was approved by this Adjudicating Authority on 7th of April, 2022. 12. We have heard the Ld. Counsel for the parties and perused the record, we find that;- i. The Resolution Plan was approved by this Adjudicating Authority on 7th of April, 2022. This Resolution Plan has been annexed with this IA at page- 66. ii. As is evident from this approval, few IAs whereby different claims were made by the applicant therein were also came to be decided. Admittedly the applicant in the present IA under consideration was not applicant before this Adjudicating Authority when the plan was filed by the Resolution Profes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... C OnLine SC 313] has laid down that: "once a resolution plan is duly approved by the Adjudicating Authority Under Sub-section (1) of Section 31, the claims as provided in the resolution plan shall stand frozen and will be binding on the Corporate Debtor and its employees, members, creditors, including the Central Government, any State Government or any local authority, guarantors and other stakeholders. On the date of approval of resolution plan by the Adjudicating Authority, all such claims, which are not a part of resolution plan, shall stand extinguished and no person will be entitled to initiate or continue any proceedings in respect to a claim, which is not part of the resolution plan" [Para 95] Considering the abovementioned judgm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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