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2022 (4) TMI 832 - Tri - Insolvency and BankruptcySeeking to include claims in the settlement process by treating it as an extension of the Original claim - restoration of name of the Applicant in the list of creditors in the Information Memorandum accordance with Law - HELD THAT - The Applicant had filed IA/506/CHE/2021 seeking direction against the liquidator to accept the claim filed in Form-C for a sum of ₹ 6,04,041 and another claim in Form-C for a sum of ₹ 2,06,64,147/-. It is seen from the claim forms that the details of the claim pertain to GST for the supply of Goods and Services and also the GST arrears for the period from February 2018 to December 2019. The Liquidation in respect of the Corporate Debtor was ordered by this Tribunal on 06.08.2018 and as per the Public Announcement made by the Liquidator in Form-B, the stakeholders are required to submit the proof of claim as calculated as on 06.08.2018. The Applicant are directed to submit their claim before the Liquidator as calculated as on 06.08.2018 within two weeks from the date of this order. The Liquidator is directed to examine the claim of the Applicant as per the provisions of IBC, 2016 read with attendant Regulations framed thereunder. Application disposed off.
Issues: Application for inclusion of additional claims in the settlement process and restoration of name in the list of creditors.
Analysis: 1. The Application (IA/506/CHE/2021) was filed under Sec. 60(5)(c) read with Regulations 10, 12-14 of the IBBI (Insolvency Resolution Process For Corporate Persons) Regulation, 2016 by the Assistant Commissioner of GST & Central Excise. The Applicant sought direction to include two additional claims in the settlement process and restore their name in the list of creditors in accordance with the law. 2. The Application highlighted that the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor commenced on 03.02.2018, and claims were lodged by the Applicant during the CIRP and Liquidation stages. The Applicant contended that inaction by the Respondent resulted in the accrual of interest on tax liability and penalties due to belated filing of returns, leading to the filing of additional claims with the Liquidator. 3. The Respondent Liquidator, in response, stated that stakeholders were required to submit claims with proof calculated as of 06.08.2018, the Liquidation commencement date. However, the Applicant filed claims for the period extending beyond this date, from February 2018 to December 2019, which was beyond the specified cut-off date. 4. The Tribunal directed the Applicant to submit their claims calculated as of 06.08.2018 within two weeks from the date of the order. The Liquidator was instructed to examine the claims in line with the provisions of the Insolvency and Bankruptcy Code, 2016, and relevant regulations. 5. Additionally, another Application (IA/731/CHE/2021) seeking similar relief was filed by the Applicant, which was deemed closed since it mirrored the issues addressed in the main Application. Consequently, IA/506/CHE/2021 was disposed of with the aforementioned directions, ensuring compliance with the legal framework governing insolvency resolution processes for corporate entities.
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