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2022 (7) TMI 1244 - Tri - Insolvency and BankruptcyCondonation of delay in filing the Claim Petition before the IRP/Respondent - seeking direction to IRP/Respondent to admit Annexure-E Form C Claim dated 12.05.2022 of the Applicant - HELD THAT - From the records produce, it could be seen that the Respondent received the soft copy of the claim on 12.05.2022 which is on the day of the commencement of Insolvency Resolution Process against the Corporate Debtor M/s. MIR Realtors Private Limited. In view of the decisions of NCLT New Delhi in IN RE TWENTY FIRST CENTURY WIRE RODS LTD. 2019 (5) TMI 1953 - NATIONAL COMPANY LAW TRIBUNAL, NEW DELHI , referred to by the Applicant, the delay in submitting the claim may be condoned, in case the CIRP initiated against the Corporate Debtor is not concluded. In this case, the CIRP is not concluded. This Application is allowed, condoning the delay in filing the Form C by the applicant before the RP and directing the RP to accept the Form C filed by the applicant on 12.05.2022 and take appropriate decision in the matter. Application disposed off.
Issues:
1. Delay in filing the Claim Petition before the IRP/Respondent. 2. Rejection of the claim by the Respondent. 3. Power of the Respondent to accept claims beyond statutory limits. Analysis: Issue 1: Delay in filing the Claim Petition before the IRP/Respondent The applicant invested in an apartment project and later discovered insolvency proceedings against the developer, leading to a claim submission. The applicant's claim was initially rejected due to missing the deadline for submission. However, the applicant argued that he was unaware of the insolvency proceedings until later, justifying the delay in filing the claim. The Tribunal considered the circumstances and relevant case law, ultimately deciding to condone the delay in submission based on the ongoing status of the insolvency resolution process. Issue 2: Rejection of the claim by the Respondent The Respondent rejected the applicant's claim citing expiration of the time limit for claim acceptance as per CIRP Regulations. The Respondent claimed not to have the authority to accept claims beyond the statutory limits set by the IBC 2016. The applicant contested this rejection, highlighting previous tribunal decisions that emphasized the non-sustainability of claim rejections solely based on delays. The Tribunal, considering these precedents and the specific circumstances of the case, directed the Respondent to accept the applicant's claim despite the delay. Issue 3: Power of the Respondent to accept claims beyond statutory limits The Respondent argued that they lacked the power to accept claims beyond the statutory limits specified in the IBC 2016. However, the Tribunal, referring to decisions from other benches, clarified that claim rejections based solely on delay were not sustainable. The Tribunal emphasized that in cases where the insolvency resolution process was ongoing and no resolution plan had been approved, delays in claim submission could be condoned. Consequently, the Tribunal allowed the application, directing the Respondent to accept the applicant's claim and make a decision accordingly. In conclusion, the Tribunal, after considering the arguments, case law, and the specific circumstances of the case, allowed the application, condoned the delay in filing the claim, and directed the Respondent to accept the applicant's claim for further processing.
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