2024 (3) TMI 1236 - AT - Insolvency and Bankruptcy

CIRP - Delay in making claim by the Homebuyers - Condonation of delay of 544 days in submitting the claim FORM -CA - seeking a direction to the Resolution Professional/ Respondent to accept the claim of the Applicant as Financial Creditor - HELD THAT - The very fact that effected party in this case has given a concession in so many words that it has no objection if the claim of the Appellant is also entertained and the delay in filing the claim is condoned, therefore, it is not required to go into the merits of this case and decide the appeal only on the basis of concession made by the Mr. Ritesh Jain. The present appeal succeeds and the Impugned Order is set aside. The Respondent/ Resolution Professional shall now accordingly include the claim of the Appellant and submit the updated claim to the Adjudicating Authority - Appeal allowed.

Summary

Issues Involved:
The judgment involves issues related to seeking exemption from filing dim/illegible typed copy, condoning delay in submitting claim under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, and acceptance of the claim of the Appellant as a Financial Creditor.

Exemption from Filing Dim/Illegible Typed Copy:
An application was filed seeking exemption from filing dim/illegible typed copy in the instant appeal, which was allowed subject to all just exceptions.

Condoning Delay in Submitting Claim:
The appeal was directed against an order passed by the National Company Law Tribunal, where the application filed by the Appellant under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking to condone a delay of 544 days in submitting the claim FORM-CA was dismissed. The Tribunal relied on a decision of the Hon'ble Supreme Court and considered arguments regarding the timing of claim submission in relation to the approval of the Resolution Plan. The Appellant contended that the claim was submitted before the Plan was approved by the CoC, and the Tribunal ultimately set aside the Impugned Order, directing the Resolution Professional to include the Appellant's claim and submit the updated claim to the Adjudicating Authority.

Acceptance of Claim as Financial Creditor:
The Appellant, a Homebuyer, submitted a claim for an amount along with documents, facing rejection due to an expired time period for claim submission. Despite not impleading the Successful Resolution Applicant, a concession was made during the hearing regarding the Appellant's claim, leading to the success of the appeal and setting aside of the Impugned Order. The Resolution Professional was directed to include the Appellant's claim and submit the updated claim to the Adjudicating Authority.