9911796707
TMI Blog2021 (6) TMI 754X X X X Extracts X X X X X X X X Extracts X X X X ..... sional. The Respondent No.2 in this Appeal is stated to be the 'Successful Resolution Applicant'. 2. This Appeal has been filed by the Appellant claiming that the Appellant is 'Operational Creditor' who had to recover Rs. 33,23,718/- from the Corporate Debtor- 'Jason Dekor Private Limited'. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 19th December, 2019. The Appellant has mentioned that the Interim Resolution Professional (IRP)/ Resolution Professional (RP) issued Public Notice and as per the Public Notice, the claims were invited from the public and the last date to submit claims was 7th January, 2020. The Appellant claims that the Corporate Debtor is situated at Ahmedabad while the App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Appellant which had made a claim but he would not be pressing that claim as that is small amount. It is stated that in the CIRP there were two other Operational Creditors whose claim was time barred and then the 5th Claimant was only a person who had a small amount of claim of Rs. 22,000/-. The Learned Counsel submits that considering these aspects the Adjudicating Authority should have let the Appellant file claim even if the same was filed belatedly. 4. Counsel for the Resolution Professional submits that the claim filed was delayed. It is also stated that the CIRP is now at the stage where the Resolution Plan has already been approved by the Committee of Creditors and the same has been filed before the Adjudicating Authority for appro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 7. The Appellant has also taken stand that because of the lockdown the Appellant was unable to file the claim in time. The IBBI inserted Regulation 40C in the CIRP Regulations, which reads as under:- "40C. Special provision relating to time-line. Notwithstanding the time-lines contained in these regulations, but subject to the provisions in the Code, the period of lockdown imposed by the Central Government in the wake of Covid-19 outbreak shall not be counted for the purposes of the time-line for any activity that could not be completed due to such lockdown, in relation to a corporate insolvency resolution process." 8. The Nationwide lockdown was imposed on 25th March, 2020. When the period of 90 days expired on 17th March, 2020, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7.2020, where applicant has lodged her claim on 15.09.2020. 6. The Applicant has cited various case laws of the Hon'ble Supreme Court, Hon'ble NCLAT and Hon'ble Principal Bench, there is no dispute with regard to those case laws. However, each case has its own merits, based on the facts and circumstances of the case. 7. It is pertinent to mention herein that the Resolution Plan has already been received by the CoC as apprised by the RP and it is at the final stage of approval of the CoC (as per RP). At this belated stage, if such types of applications are allowed, the Resolution Plans already received by the CoC from the prospective Resolution Applicants, may get failed, as those are filed on the basis of Information Memorandum (I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... asset of the corporate debtor may get deteriorated, which will affect the maximization of the value of the asset of the corporate debtor. 8. Further, if such a practice is allowed, keeping abeyance the stipulated period, that too after extended time period of 90 days, in that event, it would be difficult to complete the CIRP process, which has to be completed in time bound manner. There may be a number of creditors, who might have filed their claim beyond the prescribed period of 90 days, they may approach before this Adjudicating Authority, citing the example of this case. In that event, even if there is any chance of getting Resolution Plan(s), the Resolution Applicants may avoid filing the Resolution Plan(s). However, in the instant m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er, the RP acted in due compliance of the provisions of Clause (c) of the Sub Section (2) of the Section 15 of the Insolvency and Bankruptcy Code, 2016 read with Clause (c) of the Sub Regulation (2) of the Regulation 6 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate persons) Regulations, 2016 read with Sub Regulation (2) of the Regulation 12 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate persons) regulations, 2016 and also after taking into account the provisions of Regulation 40C of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 13. In the above backdrop, we found that there is ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
