State Tax Officer (1) vs Rainbow Papers Limited on 6 September, 2022
6. It is to be noted that in the facts of the present case, the plan approved
has also been implemented and the amount received has been disbursed to
the Financial Creditors and other claimants as per the Resolution Plan. The
submission of learned counsel for the Appellant that the Appellant being a
Secured Creditor as per the law laid down by the Hon'ble Supreme Court in
"State Tax Officer (1) vs. Rainbow Papers Ltd." he ought to have been
allocated amount as per Section 53 at par with the Secured Financial Creditors
cannot be accepted in the facts of the present case. When there is no claim
filed by the Appellant within time, no error has been committed by the
Adjudicating Authority in approving the Resolution Plan, which was approved
by the CoC much prior to filing of the claim by the Appellant. We, thus, are of
Company Appeal (AT) (Insolvency) No. 1412 of 2022
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the view that no relief can be granted to the Appellant in the facts of the
present case, hence, we are not inclined to interfere with the order impugned.
Appeal is dismissed.