The NCLAT has held that once a creditor, Financial or Operational, files its claim before the Resolution Professional and a successful resolution plan, which gives them the same treatment as the other similarly situated creditors, comes into existence, the Creditor, thereafter, cannot take the benefit of Section 60(6) of the Insolvency and Bankruptcy Code and pursue any litigation or arbitration with respect to the same claim.
The Judgment was passed by a three-member Bench of Justice SJ Mukhopadhaya, Justice AIS Cheema and Justice Kanthi Narahari in a case where the Appellants, Kotak Mahindra Investment Ltd and Kotak Mahindra Prime Ltd, had entered into Term Loan Agreements with the Corporate Debtor, M/s. Kitply Industries Limited for a sum of Rs. 6.03 Crore in March 2008.
