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TMI Blog2021 (5) TMI 309X X X X Extracts X X X X X X X X Extracts X X X X ..... n filed under Section 42 of IBC, 2016. Since the IA/1162/IB/2020 is taken for hearing on 25.01.2021, nothing survives in IA/1163/IB/2020 and hence the same stands closed. 2. IA/1162/IB/2020 is an Application filed under Section 42 of IBC, 2016 by the Applicant viz. T V Krishnan, seeking relief as follows; (i) to condone the delay in submitting the claim before the Liquidator; (ii) To direct the Liquidator to accept the claim of the Appellant and grant such other further orders which are deemed fit and necessary and thus render justice 3. From the relief as extracted above, it is seen that the Applicant has not mentioned the exact number of days of delay of which condonation is sought for. Further, in the averments made in the Applicat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons Energy Systems Private Limited. It was submitted that the Managing Director of the Corporate Debtor on many occasions persuaded the Applicant to invest funds through the Fixed Deposit in his Company viz. M/s. Veesons Energy Systems Private Limited with an assurance that a monthly interest amount will be credited to the said amounts deposited towards the Company. It was submitted that the Applicant started his transactions with the Corporate Debtor from the year 2003 and at the initial stages the Applicant has paid his amounts by way of a Fixed Deposits receipts in the name of his father, mother, daughter, son, wife and mother-in-law. It was also submitted that the Applicant was receiving interest for the deposits which he had made in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e cannot make his claim to the Liquidator. It was further submitted that the Applicant tried several times to meet the Managing Director of the Corporate Debtor, however all his efforts went in vain and that the Applicant met the Liquidator in the month of January 2019 and the Liquidator has also not guided him to submit his claim. 8. The Learned Counsel for the Applicant submitted that the Applicant is completely unaware of the proceedings and was trying to contact the Managing Director of the Company who was his only acquaintance and hope, however it was submitted that due to the pandemic of Covid-19 there was a delay in filing the claim before the Liquidator. It is seen that the Applicant has filed the claim before the Liquidator on 07. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 11.04.2018 had requested the Auditor of the Corporate Debtor to confirm as to whether all the amounts received by the Corporate Debtor have been duly recorded in the Books of Accounts and further requested the Auditor to provide the details of the Fixed Deposit Receipts, if any, to which the Auditor by his e-mail dated 12.04.2018 had categorically informed the Respondent that all the amounts are brought into the Books of Accounts and the Corporate Debtor had not received any Fixed Deposits. Further, it was also submitted that neither the Books of Accounts of the Corporate Debtor nor the Audited Financial Statements reflect the entries for the payment of interest as claimed by the Applicant in their Application. Under such circumstance ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 16 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. Section 40 of the I&B Code, 2016 mandates the Liquidator to record the reason in writing for rejection of the claim and the same is also required to be communicated to the Applicant. In relation to his decision of admission or rejection, the Liquidator is required to communicate to both the creditors and the Corporate Debtor within seven days of such admission or rejection of the claim. As against the rejection of the claim, Section 42 of I&B Code, 2016 provides for a time window of 14 day ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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. 17. Further, the Hon'ble Supreme Court in Gaurav Hargovindbhai Dave -Vs- Asset Reconstruction Company (I) Ltd. & Another in Civil Appeal No. 4952 of 2019, in relation to the aspect of limitation has restated the well established and well settled principle that "there is no equity about limitation", we are unable to entertain this Application. In view of the IBC, 2016 being a time bound process as well as the Learned Liquidator being under a compulsion ..... X X X X Extracts X X X X X X X X Extracts X X X X
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