NCLAT: Operational Creditor to file apt legal accounts to recuperate rights

NCLAT: Operational Creditor to file apt legal accounts to recuperate rights

The National Company Law Appellate Tribunal (NCLAT) Bench in Delhi ruled that if the Resolution Plan was withdrawn, the operational creditors are entitled to take appropriate legal action to recover their claims.

After learning about the process, Go Airlines (India) Ltd. filed a claim, along with an email response from the Resolution Professional confirming that the claim has been received. When the adjudicating authority approved the application under Section 12A, the Resolution Professional was in the process of completing the verification.

As has been outlined in the record, a claim was made by the Appellant after the approval of the CIRP proceedings against the Corporate Debtor by the Committee of Creditors and after settlement negotiations between the parties.

The Coram headed by the Chairperson, Justice Ashok Bhushan and Dr. Ashok Kumar Mishra, the Coram's Technical Member, ruled that since the Resolution Plan was withdrawn under section 12A of the Insolvency and Bankruptcy Code, 2016 and the claims of the Operational Creditor were never considered, the operational creditor is free to pursue appropriate legal actions for the recovery of his claims.

"We emphasize that we have not made any assessment or determination on the merits of the claim of the Appellant and it is up to the appropriate forum to determine whether to rule in accordance with the law," said NCLAT.