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TMI Blog2021 (3) TMI 1123X X X X Extracts X X X X X X X X Extracts X X X X ..... ax and thereby created a liability of Rs. 5,62,29,528/- (Five Crores Sixty Two Lakhs Twenty Nine Thousand and Five Hundred and Twenty Eight only) in accordance with the extant Maharashtra Value Added Tax Act, 2002 provisions which was due and payable to the Appellant. On an application filed by an Operational Creditor M/s. SKE Projects Private Limited (Respondent No.2) under Section 9 of IBC against the Corporate Debtor Jaihind Projects Ltd. (Respondent No. 3) Case No.CP(IB) No. 172/AHM/2018 was taken up for consideration by the Adjudicating Authority. This application was allowed as a result of which Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor and Premnarayan Ramanand Tripathi was appointed as Interim Resolution Professional. In pursuant to the CIRP, the Interim Resolution Professional issued a public notice on 2.11.2018. Subesquently, Parthiv Parikh was appointed as Resolution Professional on 23.01.2019 replacing earlier Interim Resolution Professional. 3. The Appellant has claimed that he was unaware of these proceedings and the insolvency proceedings against Respondent No.3 came to his knowledge only w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Appellant filed the claim before the Resolution Professional in Form 'B' relating to the operational debt for an amount of Rs. 5,62,29,528/- on 20.12.2019 which was rejected by the Resolution Professional on the ground of delay in filing the claim as also for reason that the Resolution Plan has already been submitted to the Adjudicating Authority for approval. He has contended that it is a statutory claim and should have been considered by the RP so that government would not have been denied its just claim. He has adverted to Regulation 12(2) of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 to claim that it is permissible for the creditor to file its claim belatedly. Further he has contended that since the Resolution Plan was under the consideration of the Adjudicating Authority when the claim was filed, it would have been fair to consider it. Moreover, the statutory dues of state tax was included in the books of account of the Corporate Debtor which should have been considered for inclusion in the Resolution Plan even if no formal claim was filed. He cited the order of the NCLT, Delhi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in accordance with the approved Resolution Plan to save the Corporate Debtor from further deterioration, which is presently a going concern. 10. The IBC stipulates thatCIRP is a time-bound process meant for resolution of the Corporate Debtor, which is in the throes of insolvency. If no successful Resolution Applicant can be found during the CIRP period, the Corporate Debtor, which is otherwise operational as a going concern, will go into liquidation. This would mean corporate death of the Corporate Debtor, a situation which must be avoided. Sincere efforts for successful resolution of the Corporate Debtor should, therefore, be undertaken to revive and strengthen the financial and economic condition of the Corporate Debtor, so that it continues to function as a useful economic entity in the economy saving precious human and monetary capital. 11. Section 29 of the IBC provides for preparation of information memorandum as may be specified by the Insolvency and Bankruptcy Board of India for formulating a resolution plan. Section 29(1) of the IBC is reproduced hereunder:- "29. Preparation of Information Memorandum. - xxxxxxx (1) The resolut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fessional, as the case may be, on or before the ninetieth day of the insolvency commencement date. Xxxxx " The purpose of issuing public notice is to make all the interested parties/stakeholders aware of the initiation of the CIRP of the Corporate Debtor and the information memorandum which is issued subsequently, after the collection and collation of claims of the operational and financial creditors is to provide the Resolution Applicant all relevant information so that the applicant can make a legally and financially sound Resolution Plan for the Corporate Debtor as is required under Section 29 of the IBC. Such Resolution Plan has to be submitted to the Resolution Professional under Section 30 of IBC, which is considered by the Committee of Creditors for approval and the final approval of the Resolution Plan is provided by the Adjudicating Authority under Section 31 of the IBC. It is quite logical to say that these actions have to be taken with alacrity so that the successful Resolution Applicant, if any, can take the reins of the management of the Corporate Debtor in good time for its proper management and consequent revival. 14. In the present case the O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r of NCLT, New Delhi Principal Bench cited by the Ld. Counsel of the Appellant in State Bank of India v ARGL Ltd. does not hold relevance in the present case as it relates to withdrawal of a successful (and approved resolution plan) on very different grounds and that too, upon recommendation/approval of the COC. 17. We have perused ratio of judgments in the two cases viz. Committee of Creditors of Essar Steel v. Satish Kumar Gupta and K. Sashidhar v. Indian Overseas Bank and Ors. (supra) cited by the Ld. Counsel of Appellant. These relate to the role of resolution applicants, resolution professionals, the Committee of Creditors that are constituted under the IBC, and the jurisdiction of the National Company Law Tribunal and the National Company Law Appellate Tribunal qua resolution plans. These Judgments are not helpful in the facts of the matter. 18. The relevant portion of the judgment in COC of Essar Steel case is reproduced below:- "99. So far as Civil Appeal No. 7266 of 2019 and Civil Appeal No. 7260 of 2019 are concerned, the resolution professional has rejected the claim of the Appellants on the ground of nonavailability of duly stamped agreements ..... X X X X Extracts X X X X X X X X Extracts X X X X
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