# In the matter of Worldfa Exports Pvt. Ltd. vs. Vivek Raheja & Anr.

> NCLAT judgment dated 2024-04-30. Citation: TCN-2024-NCLAT-00474. This is an appeal against the order dated 09.02.2024 passed by the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 30 Apr 2024
- **Citation:** TCN-2024-NCLAT-00474
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/worldfa-exports-pvt-ltd-vs-vivek-raheja-anr-0111f043

## Summary

### Background

This is an appeal against the order dated 09.02.2024 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench, Court – VI), which approved the Resolution Plan submitted by the Appellant, Worldfa Exports Pvt. Ltd. The Appellant is aggrieved by the order because the reliefs, concessions, and waivers sought by the Successful Resolution Applicant (SRA) were not granted.

## Facts

Worldfa Exports Pvt. Ltd., the Successful Resolution Applicant (SRA), filed a resolution plan which was approved by the Adjudicating Authority (National Company Law Tribunal). The SRA sought certain reliefs, concessions, and waivers as part of the resolution plan, but these were not granted by the Adjudicating Authority. The SRA appealed the decision, arguing that all past liabilities should be waived due to the approved resolution plan. The Adjudicating Authority referred to a Supreme Court judgment stating that claims not dealt with in the Resolution Plan do not survive after its approval. The Adjudicating Authority also noted that the SRA should file the necessary application before the appropriate Forum/Authority to avail the relief and concession. The appellant is

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in not granting the waivers sought by the Successful …

**Ratio:** The resolution plan shall not be construed as waiver to any statutory

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**Reasoning:** The court relied on the Hon'ble Supreme Court in Ghanshyam Mishra and Sons Private

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**Interpretation:** The interpretation is that the resolution plan does not automatically waive

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**Application:** The Adjudicating Authority was correct in not granting the waivers because the

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Worldfa Exports…
- **Respondents:** Vivek Raheja &…
- **Advocates:** Nilesh S…; Hewaat S…; +2 more

## Timeline

- **2024-02-09 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal, New Delhi Bench) passed an…
- **2024-04-30 — Appeal He…**: The appeal against the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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