2023 (9) TMI 1464 - AT - Insolvency and Bankruptcy

Seeking admission of claim which application came to be rejected by the impugned order - claim rejected without considering the reasons given for condonation of delay in filing the claim - HELD THAT - In the present case, the claim has been filed by the Appellant after 511 days of the approval of the Resolution Professional. Respondent has relied on recent judgment of Hon ble Supreme Court in RPS Infrastructure Ltd. vs. Mukul Kumar and Another, 2023 (9) TMI 516 - SUPREME COURT , where the Hon ble Supreme Court with regard to belated claim, which was filed after 287 days, has approved the order of the Appellate Tribunal affirming the rejection of the claim. The present case is fully covered by the above judgment of Hon ble Supreme Court. In the facts of the present case, no error has been committed by the Adjudicating Authority in rejecting application filed by the Appellant, which was for accepting claim which was filed after 511 days after approval of the plan by the CoC. Appeal dismissed.

Summary

Issues Involved:
The issues involved in the judgment are the condonation of delay in filing an appeal, rejection of claim by the Adjudicating Authority, and the applicability of recent Supreme Court judgments on belated claims in insolvency cases.

Condonation of Delay in Filing Appeal:
The application before the Appellate Tribunal sought condonation of a 14-day delay in filing the appeal. The grounds for the delay were explained in the application, and the Tribunal found the cause shown to be sufficient for condonation.

Rejection of Claim by Adjudicating Authority:
The appeal was filed against the rejection of the claim by the Adjudicating Authority. The claimant filed its claim after 511 days of the approval of the Resolution Plan, claiming to be an Operational Creditor. The Adjudicating Authority rejected the claim on the basis that it was filed after the approval of the plan and the last date for claim submission had passed earlier.

Applicability of Recent Supreme Court Judgments:
The Respondent relied on a recent Supreme Court judgment in a similar case regarding belated claims in insolvency matters. The Supreme Court upheld the rejection of a claim filed after 287 days, emphasizing the time-bound nature of the insolvency process and the importance of vigilance on the part of claimants. The Tribunal found the present case to be fully covered by the Supreme Court judgment and upheld the rejection of the claim by the Adjudicating Authority.