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2021 (7) TMI 1328 - Tri - Insolvency and BankruptcyMaintainability of application - time limitation - present Application claimed to be filed on 11th March, 2021 i.e. more than two months after the rejection of the claim by the RP - HELD THAT - There was no need for the CEO of the Company to travel to Kolkata for filing this Application. Even now, the Application has been affirmed at Chennai only. So, this explanation does not hold water. In any case, the Resolution Plan has been approved by the CoC on 5th June, 2021 and at this late stage, allowing the claim of the Applicant, will not only cause grave prejudice to the completion of the CIRP, it will also be unfair to other similarly situated Creditors, who could not have filed their claim before the date fixed for this purpose. This is not a fit case for exercising of discretion for condonation of the delay in filing of the claim with the RP - Application dismissed.
Issues:
1. Condonation of delay in filing claim with the RP by GBL Power Systems Private Limited. 2. Disposal of various applications filed in the case. Analysis: 1. Condonation of delay in filing claim with the RP by GBL Power Systems Private Limited: - The Application (IA/344(KB)2021) sought condonation of delay in filing its claim with the RP by GBL Power Systems Private Limited. The CIRP against the Corporate Debtor commenced on 7th February, 2020, with the last date for filing claims being 21st February, 2020. The Applicant claimed it was unaware of the CIRP until 27th November, 2020, and submitted its claim on 19th December, 2020, which was rejected on 14th January, 2021. - The Tribunal noted that the Application was filed more than two months after the rejection of the claim, with the only reason cited being the CEO working from home due to the Covid situation. The Tribunal found this explanation insufficient, as there was no need for the CEO to travel to file the Application. - Considering that the Resolution Plan had already been approved by the CoC on 5th June, 2021, the Tribunal held that allowing the claim at this late stage would prejudice the completion of the CIRP and be unfair to other creditors. Thus, the Tribunal dismissed the Application as it was not a fit case for condonation of the delay. 2. Disposal of various applications: - IA/947(KB)2020 and IA/878(KB)2020 were listed for disposal on 26th July, 2021. - IA/383(KB)2021 had no appearance from the Applicant, and the Registry was directed to issue notices for appearance, listing the matter on 26th July, 2021. - In IA/41(KB)2021, the Tribunal heard the Ld. Counsel for the Applicant partially and directed to list the matter for hearing the arguments of the Ld. Counsel for the RP on 26th July, 2021. - IA/528(KB)2021 was dismissed as withdrawn upon the request of the RP. - IA/532(KB)2021 was ordered to be listed on 30th July, 2021, as a specially ordered matter. This detailed analysis covers the issues of condonation of delay in filing a claim and the disposal of various applications in the legal judgment delivered by the National Company Law Tribunal, Kolkata.
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