2019 (8) TMI 1721 - Tri - Insolvency and Bankruptcy

Rejection of claim of allottees/joint allottees - claims were rejected by the Resolution Professional on the ground of delay - it is stated that the delay in filing of claims is not intentional and many applicants were unaware of the CIRP and filing of claims - HELD THAT - The RP is directed to accept claims and adjudicate the same as per law - application disposed off. Mr. Mewa Singh and Mr. Vineet Kr. Girotra are present in person and submit that they have not filed any objections or any application which is pending before this Bench. They request that they should exempted from appearing personally. Their presence is dispensed with. All the pending applications are listed for 29.08.2019.

Summary

Issues involved:
1. Rejection of claims by Resolution Professional on the ground of delay.
2. Consideration of resolution plan by Adjudicating Authority.
3. Acceptance and adjudication of claims by Resolution Professional.
4. Unawareness of CIRP and filing of claims by applicants.
5. Direction to RP to accept and adjudicate claims.
6. Exemption from personal appearance for certain individuals.
7. Listing of pending applications.

Analysis:
The Tribunal addressed multiple issues in the judgment. Firstly, the applications were filed by claimants who were allottees/joint allottees, claiming that their claims were rejected by the Resolution Professional due to delay. The applicants argued that their claims could be accepted and adjudicated by the RP, especially since the application considering the resolution plan was pending before the Adjudicating Authority. They contended that the delay in filing claims was unintentional, with many applicants being unaware of the Corporate Insolvency Resolution Process (CIRP) and the filing requirements.

Upon considering the submissions and documents presented by the counsels, the Tribunal directed the Resolution Professional to accept and adjudicate the claims as per the law. This decision aimed to ensure that the claims of the financial creditors were properly addressed and resolved within the legal framework. Consequently, all the applications related to this matter were disposed of by the Tribunal.

In a separate issue, two individuals, Mr. Mewa Singh and Mr. Vineet Kr. Girotra, appeared in person before the Tribunal and informed that they had not filed any objections or pending applications. They requested exemption from personal appearance, which was granted by the Tribunal, dispensing with their presence. Furthermore, all the pending applications were scheduled for listing on a specific date, ensuring proper management and tracking of the ongoing legal proceedings related to the case.