NCLAT Rejects Late Claim Post-Resolution Plan Approval

Department of State Tax Vs Dar Media Pvt. Ltd. & Anr. (NCLAT Delhi) Introduction: In a pivotal judgment, the National Company Law Appellate Tribunal (NCLAT) in Delhi dismissed an appeal by the Department of State Tax against Dar Media Pvt. Ltd. & Anr., setting a precedent on the timeliness of claim submissions in the Corporate Insolvency Resolution Process (CIRP). The crux of the matter revolved around the Department of State Tax’s attempt to submit a claim after the Committee of Creditors (CoC) had already approved the resolution plan, a move deemed out of bounds by the adjudica...