The Supreme Court, in an appeal dealing with acceptance of claim by Resolution Professional submitted by a Creditor against Corporate Debtor after approval of the Resolution Plan (RP) by Committee of Creditors (CoC), has held that “mere fact that the Adjudicating Authority has yet not approved the plan does not imply that the plan can go back and forth, thereby making the CIRP an endless process.” Further, the SC held that I&B Code, 2016 is time bound process and the Courts are cautioned against allowing claims after RP has been approved by CoC.
