# In the matter of Fourth Dimension Solution Limited IA-2158,2668 & 5559-2020 & IA-1294-2021 in (IB)-1232(ND)2019

> NCLT judgment dated 2021-07-22. Citation: TCN-2021-NCLT-01664. The case involves an application filed by American Express Banking Corp (the Applicant) against…

- **Court:** NCLT
- **Order date:** 22 Jul 2021
- **Citation:** TCN-2021-NCLT-01664
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/fourth-dimension-solution-limited-ia-21582668-5559-2020-ia-1294-2021-in-ib-1232n-254127d8

## Summary

### Background

The case involves an application filed by American Express Banking Corp (the Applicant) against Fourth Dimension Solution Ltd (the Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Applicant sought several reliefs, including setting aside a communication from the Resolution Professional (RP) rejecting their claim, directing a forensic audit of the Corporate Debtor's books, and directing the RP to verify and admit the Applicant's claim. The Resolution Plan had already been approved by the Committee of Creditors (COC) and the Adjudicating Authority before the Applicant's claim was formally submitted.

## Facts

American Express Banking Corp filed an application against Fourth Dimension Solution Ltd under Section 7 of the IBC, 2016, seeking to set aside the RP's rejection of their claim, conduct a forensic audit, and verify/admit their claim. The Applicant's claim was submitted after the Resolution Plan had been approved by the COC on April 28, 2020, and the Adjudicating Authority on September 25, 2020. The Applicant's counsel admitted that the claim was drafted in March 2020 but inadvertently remained in their office until June 2020. The RP received the claim in June 2020. The court noted that the COC had approved the Resolution Plan before the claim was submitted. The Applicant also filed IA/2158/2020 & IA/5559/2020 and IA/1294/2021 seeking other reliefs.

## Issues and analysis

### Issue 1: Whether the Applicant's claim, submitted after the approval of the Resolution Plan by the COC and …

**Ratio:** A successful resolution applicant cannot suddenly be faced with undecided claims after

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**Reasoning:** The court relied on the Supreme Court's decisions in Committee of Creditors of Essar

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**Interpretation:** The IBC aims to provide a time-bound resolution process. Allowing claims after

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**Application:** In this case, the Applicant submitted their claim after the Resolution Plan had

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## Parties

- **Judges:** SHRI. ABNI RANJAN…; Shri. L. N.…
- **Appellants:** American Express…
- **Respondents:** FOURTH DIMENSION…

## Timeline

- **2019-06-06 — Impugned Commu…**: Date of the impugned communication issued by the Resolution Professional of the Corporate…
- **2020-03-20 — Claim Fi…**: Date of the claim filed by…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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