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2019 (10) TMI 503 - Tri - Insolvency and BankruptcyAdmissibility of application - Applicant has not filed its claim within the time prescribed i.e. 90 days from the date of admission - HELD THAT - This Applicant submits that since the Applicant could not come to know of admission of Company Petition on 01.11.2018, he failed to file its claim application within the time prescribed i.e. 90 days - As soon as it has come to know of the admission and publication inviting claims during the period of Corporate Insolvency Resolution Process (CIRP), this applicant has filed it before the RP but whereas by that time, the prescribed time of 90 days was over, the RP did not consider this application on the ground that it was not filed within the time. Application admitted.
Issues: Application for direction to admit claim under Regulations 7 & 12(2) of IBBI Regulations, 2016; Rejection of claim by RP due to late filing; Request for condonation of delay.
Issue 1: Application for direction to admit claim under Regulations 7 & 12(2) of IBBI Regulations, 2016 The judgment pertains to an application filed by the Applicant, an Operational Creditor, seeking a direction against the Resolution Professional (RP) of a company to admit a claim of ?39,31,127 under Regulations 7 & 12(2) of the Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Person) Regulations, 2016. The RP had initially rejected the claim on the grounds that it was filed after the prescribed time for receiving claims had expired, i.e., 90 days from the date of admission. The Applicant contended that they were unaware of the admission of the Company Petition and, therefore, failed to file the claim within the stipulated time. The Tribunal, after reviewing the reasons provided by the RP, allowed the application and directed the RP to consider the claim in accordance with the law, granting liberty to admit the claim if approved as per the Regulations. Issue 2: Rejection of claim by RP due to late filing The key contention in this issue was the rejection of the Applicant's claim by the RP due to late filing beyond the prescribed 90-day period from the date of admission. The Applicant argued that their delay in filing the claim was due to not being informed about the admission of the Company Petition on time. Upon becoming aware of the admission and the call for claims during the Corporate Insolvency Resolution Process (CIRP), the Applicant promptly filed the claim. However, by that time, the 90-day period had lapsed. Despite the RP's refusal to consider the claim based on the delayed filing, the Tribunal intervened and allowed the application, instructing the RP to assess the claim in line with the legal provisions and potentially admit it if found valid under the Regulations. Issue 3: Request for condonation of delay The final issue addressed in the judgment was the Applicant's request for condonation of delay in filing the claim beyond the stipulated timeframe. The Applicant sought leniency due to the circumstances leading to the delayed submission, emphasizing their lack of knowledge regarding the admission of the Company Petition within the prescribed period. The Tribunal, considering the reasons presented and the overall merits of the case, granted the Applicant's request for condonation of delay, thereby allowing the applications MA701/2019 and MA702/2019, and directing the RP to proceed with the assessment of the claim as per the Regulations.
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