2019 (8) TMI 1758 - Tri - Insolvency and Bankruptcy

Maintainability of application - it is submitted that the application filed by the applicant is not listed today, as directed - HELD THAT - Application is to be heard along with the other applications. It was not numbered as the application is found defective. Ld. Counsel for the applicant is directed to cure the defect and the Registry is directed to list the application, if it is defect free, along with the CP for hearing. For filing further Progress Report list it on 01/10/2019.

Summary

Issues:
1. Extension of CIRP period under Insolvency and Bankruptcy Code, 2016.
2. Re-consideration of Operational Creditor's claim.
3. Defective application filed by Customs Authorities.

Extension of CIRP Period:
In CA(IB) No. 1065/KB/2019, the RP sought an extension of the Corporate Insolvency Resolution Process (CIRP) period beyond the initial 180 days as prescribed by the Insolvency and Bankruptcy Code, 2016. The Tribunal acknowledged that the CIRP could not be completed within the stipulated time frame and, therefore, granted the extension for an additional 90 days starting from 01/09/2019. This decision was based on the satisfaction that the circumstances warranted an extension to facilitate the completion of the resolution process effectively.

Re-consideration of Operational Creditor's Claim:
In CA(IB) No. 1062/KB/2019, an Operational Creditor filed an application challenging the RP's rejection of their claim due to a delay of 44 days. The Tribunal noted that the reason for the delay was adequately explained in the application. Consequently, the Tribunal inclined to allow the application, directing the RP to re-evaluate the creditor's claim in compliance with the provisions of the Code and Regulations. The RP was instructed to communicate the decision on acceptance or rejection of the claim to the applicant after the reassessment.

Defective Application by Customs Authorities:
Regarding CA(IB) No. 575 & 891/KB/2019, where the Customs Authorities were involved, no appearance was made on their behalf, and no reply affidavit was filed in CA(IB) No. 891/KB/2019. The Tribunal heard the Senior Counsel representing the RP and reserved the orders. Additionally, an application filed by the Customs Authorities was found defective and not listed as directed. The Counsel for the applicant was instructed to rectify the defect, and upon compliance, the application would be listed for hearing alongside the Corporate Person (CP). A further Progress Report was scheduled for submission on 01/10/2019 to track the developments in the case.

This detailed analysis encapsulates the Tribunal's decisions and directions on the extension of the CIRP period, re-consideration of an Operational Creditor's claim, and the handling of a defective application by the Customs Authorities, showcasing the adherence to the legal framework and procedural requirements under the Insolvency and Bankruptcy regime.