9911796707
TMI Blog2021 (6) TMI 236X X X X Extracts X X X X X X X X Extracts X X X X ..... ich is an application filed under section 42 of the Insolvency and Bankruptcy Code, 2016. Since I. A. No. 1162/IB/2020 is taken for hearing on January 25, 2021 nothing survives in I. A. No. 1163/IB/2020 and hence the same stands closed. 2. I. A. No. 1162/IB/2020 is an application filed under section 42 of the 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 de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs. 73,48,500 by way of a fixed deposit in the corporate debtor company, viz., Veesons Energy Systems P. Ltd. 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 P. Ltd., 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ficer from State Bank of India has informed and misguided the applicant that he 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. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 March 31, 2017 it is stated that there are no public deposits having been accepted by the corporate debtor. 11. 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 e-mail dated April 11, 2018 had requested the auditor of the corporate debtor to confirm as to whether all the amounts received by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... early as on March 22, 2018 and thus cannot take a plea that they came to know about the liquidation of the corporate debtor only on a subsequent date. 13. It is to be noted here that the provisions of the IBC, 2016 mandate that the claimants are 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, the IBBI (Liquidation Process) Regulations, 2016 and more specifically under regulation 30, the liquidator is required to verify the claim submitted with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 19 dated February 7, 2020 wherein the hon'ble National Company Law Appellate Tribunal has dismissed the appeal filed by an applicant similar to the present application filed by the applicant against the order of the liquidator and also held that liquidation process is a time bound process and the liquidator has to conclude his proceedings within one year. 16. 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 liquid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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