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TMI Blog2021 (4) TMI 943X X X X Extracts X X X X X X X X Extracts X X X X ..... orting documents as specified by the Board. Thereafter, upon submission of the claim, the Liquidator is required to verify the claims within the time limits specified by the Board and in this connection referring to the relevant Regulations namely, IBBI (Liquidation Process) Regulations, 2016 and more specifically under Regulation 30, the Liquidator is required to verify the claim submitted within a period of 30 days from the last date of receipt of the claims and may either admit or reject in whole or part as the case may be of such claim - As against the rejection of the claim, Section 42 of I B Code, 2016 provides for a time window of 14 days upon receipt of such decision to the creditor to file an appeal to the Adjudicating Authority ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Counsel for the Applicant submitted that the Applicant is the sole proprietor of M/s. Sarada Steels bearings Company and approved supplier of steel, Bright Bars and Pipes to Defence, Public and Private sector undertakings and various Reputed Organizations. It was submitted that the Applicant supplied steel to M/s. Nagarjuna Oil Corporation Limited (hereinafter referred to as Corporate Debtor ) from March 2011 and the Corporate Debtor was effecting payment regularly. As per the Invoice dated 30.11.2011 a sum of ₹ 8,02,904/- has become due and payable by the Corporate Debtor and the same was not paid, however on 13.03.2015 the Corporate Debtor has paid a sum of ₹ 2,00,000/- to the Applicant and it was submitted that after dedu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inted as the Liquidator, who has issued public announcement to submit the claim forms on or before 10.01.2019. It was submitted by the Learned Counsel for the Applicant that he was unable to file the required claim in Form C before the Liquidator on time and also not appeared before the Stakeholders Committee meetings since the Applicant's wife was admitted to the hospital and has passed away on 14.07.2020. Further, it was submitted that due to Covid-19 pandemic and continued lockdown, the Applicant has not filed the Form C in time. 6. Thereafter, it was submitted that the Applicant has filed the Form C through e-mail on 04.01.2021 to the Liquidator by explaining all the circumstances in relation to the delay in filing the Claim be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be considered endlessly, the provisions of the code and regulations would be rendered nugatory. 9. Further, it was submitted by the Learned Counsel for the Liquidator that as per the documents submitted by the Applicant, the entire transactions relates to the year 2015 and therefore the present claim is prima facie barred by limitation and it was also submitted that the Applicant has not submitted any documents evidencing the acknowledgment of liability from NOCL as contemplated under Section 18 of the Limitation Act, 1963 along with the Claim Form. 10. The Learned Counsel for the Liquidator submitted that the claim in respect of workmen and employees alone are required to be admitted by the Liquidator based on the books of accounts o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e its order dated 18.03.2021 passed in CP/546/CAA/2020. 12. However, it is seen that as per the provisions of the IBC, 2016, the Applicant is required to submit the claim to the Liquidator in such form and in such manner along with such supporting documents as specified by the Board. Thereafter, upon submission of the claim, the Liquidator is required to verify the claims within the time limits specified by the Board and in this connection referring to the relevant Regulations namely, IBBI (Liquidation Process) Regulations, 2016 and more specifically under Regulation 30, the Liquidator is required to verify the claim submitted within a period of 30 days from the last date of receipt of the claims and may either admit or reject in whole o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Liquidator has to conclude his proceedings within one year. 15. Further, it may be noted that under Regulation 44(1) of the IBBI (Liquidation Process) Regulations, 2016, the Liquidator is directed to liquidate the Corporate Debtor within one year from the date of commencement of the liquidation proceedings and Regulation 44(2) stipulates that, after the expiry of one year, the liquidator shall file an application to the Authority to continue the liquidation period along with a report and explain why the liquidation has not been completed. Thus, it can be seen that the Liquidation is a time bound process and the Liquidator is being made accountable and required to explain, if there is any delay caused in the liquidation process. 16. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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