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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 ..... ipt 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. It may also be seen that the Applicants during the CIRP period also has not preferred to file a claim before the IRP/RP and as per the provisions of IBC, 2016 the Applicant ought to have filed the claim before the Liquidator at least after the commencement of the Liquidation proceedings, immediately after the public announcement was made of, which the Applicant is very much aware of. The Hon'ble Supreme Court in Gaurav Hargovindbhai Dave -Vs- Asset Reconstruction Company (I) Ltd. Another [ 2019 (9) TMI 1019 - SUPREME COURT ], in relation to the aspect of limitation has restated the well established and well settled principle that there is no equity about limitation , this Application cannot be entertained. In view of the IBC, 2016 being a time bound process as well as the Learned Liquidator being under a compulsion to complete the liquidation process within a period of one year from the date of comme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation. 5. The Learned Counsel for the Applicant submitted that the Applicant is a senior citizen who got retired from the services of BHEL in the year 2012 and has invested a sum to the tune of ₹ 73,48,500/- by way of a Fixed Deposit in the Corporate Debtor Company viz. Veesons 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 the Corporate Debtor company and thereafter when the Applicant got retired from his service during the year 2012, the Corporate Debtor approached the Applicant and request ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Liquidator and also to direct the Liquidator to accept the claim of the Applicant. 9. The Liquidator has filed counter and the Learned Counsel for the Liquidator submitted that the Applicant has preferred the claim after an inordinate delay of 873 days and the Liquidator could not entertain the claim of the Applicant as the claim is barred by Limitation. The Liquidator has filed the sequence of dates in relation to the events which happened in respect of the Corporate Debtor and they are as follows; 10. It was submitted by the Learned Counsel for the Liquidator that there is no entry in the books of the Corporate Debtor in relation to the monies as claimed by the Applicant and further it was also submitted that in the Directors Report in the Financial Statements for the Financial Year ended 31.03.2017, it is stated that there are no public deposits having been accepted by the Corporate Debtor. 11. The Learned Counsel for the Liquidator further submitted that the books and records of the Corporate Debtor not even reflect the receipt of the monies from the Applicant under the caption Fixed Deposits. It was further submitted that the Liquidator by way of email dated 11.04.2018 had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 days upon receipt of such decision to the creditor to file an appeal to the Adjudicating Authority against the said decision of the Liquidator. 14. It may also be seen that the Applicants during the CIRP period also has not preferred to file a claim before the IRP/RP and as per the provisions of IBC, 2016 the Applicant ought to have filed the claim before the Liquidator at least after the commencement of the Liquidation proceedings, immediately after the public announcement was made of, which the Applicant is very much aware of. 15. Further, this Tribunal is also persuaded by the decision of the Hon'ble NCLAT in th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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