In Brief
A company in insolvency had received a resolution plan approved by its creditors. The appellant, which held an arbitral award against the debtor company (with an appeal still pending), tried to file its claim over a year late. The Supreme Court dismissed the appeal, holding that claims cannot be entertained after the resolution plan has been accepted by creditors. The Court emphasized that the CIRP process requires firm deadlines to prevent uncertainty for the successful resolution applicant. Though the claim had merit, allowing late claims would reopen settled matters and invite other similar claims, making the insolvency process endless and unworkable.
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