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TMI Blog2019 (4) TMI 1987X X X X Extracts X X X X X X X X Extracts X X X X ..... such decision. Rule 177 and 178 of Companies (Court) Rules, 1959 deal with the procedure on failure to prove the debt within the time fixed. As per Rule 177, if any creditor fails to file proof of his debt with the liquidator within the time specified in the advertisement referred to in Rule 148, such creditor may apply to the court for relief, and the court may, thereupon, adjudicate upon the debt or direct the liquidator to do so - As per Rule 178, any creditor who has not proved his debt before the declaration of any dividend or dividends shall be entitled to be paid out of any money for the time being in the hands of liquidator available for distribution of dividend, any dividend or dividends which he may have failed to receive befor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aced various purchase orders during 2011-12 for supply of coal, pursuant to which, the Applicant sold delivered the goods for ₹ 28,68,568/-. The Corporate Debtor made a payment of ₹ 23,45,374/- and the balance ₹ 5,23,194/- was left unpaid. Accordingly, the debit notes were issued to the Corporate Debtor. The Applicant has submitted total claim of ₹ 13,25,898/- inclusive of interest in Form C with the Liquidator on 27.07.2018. 3. The Liquidator vide his letter dated 09.08.2018 declined to admit the claim on the ground that he received the claim after the expiry of the prescribed time limit for receiving the claim. As per section 38 of the IBC, 2016, the Liquidator can accept the claims filed within 30 days of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wherein a similar question arose before the Adjudicating Authority, that whether such condonation application can be allowed or not. Rule 177 and 178 of Companies (Court) Rules, 1959 deal with the procedure on failure to prove the debt within the time fixed. As per Rule 177, if any creditor fails to file proof of his debt with the liquidator within the time specified in the advertisement referred to in Rule 148, such creditor may apply to the court for relief, and the court may, thereupon, adjudicate upon the debt or direct the liquidator to do so. As per Rule 178, any creditor who has not proved his debt before the declaration of any dividend or dividends shall be entitled to be paid out of any money for the time being in the hands of l ..... X X X X Extracts X X X X X X X X Extracts X X X X
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