9911796707
TMI Blog2021 (11) TMI 611X X X X Extracts X X X X X X X X Extracts X X X X ..... by inviting claims of the Creditors of the Corporate Debtor in requisite form and the last date being 04.12.2019. In reality, the estimated date of closure of CIRP was mentioned as 26.04.2020. An extension of time was also granted by the Adjudicating Authority and inasmuch as, the suitable Resolution Plan was not received, the Corporate Debtor was placed under liquidation process on 12.12.2020. Unfortunately, the Appellant/Applicant had submitted its claim only on 04.03.2021 and to come out with the reason that the Appellant/Applicant was not aware of the CIRP and Liquidation Process of the Corporate Debtor are unworthy of acceptance and in the considered opinion of this Tribunal, the said reason was rightly rejected by the Adjudica ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed for consequential directions to the 2nd Respondent to verify, admit and process the claim of the Appellant in liquidation proceeding of the 1st Respondent. 3. It is represented by the Appellant that the Adjudicating Authority had passed an order directing initiation of Liquidation Proceeding against the Respondent No. 1- Company on 02.12.2020 and further that the Public Announcement was issued by the Respondent No. 2 on 11.12.2020 in announcing liquidation of Respondent No. 1 as per which the last date of submission of claim was on 11.01.2021. 4. The Learned Counsel for the Appellant points out that on 03.03.2021, the Appellant/Applicant passed Reassessment Order in terms of Karnataka Value Added Tax by which the Respondent No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are not meant to destroy the rights of the Parties, he refers to the decision of the Judgment of Hon ble Supreme Court of India between N. Balakrishnan Vs. M. Krishnamurthy in Indian Kanoon. 9. The Learned Counsel for the Appellant refers to Section 42 of IBC which reads as under: .. 42. Appeal against the decision of liquidator A creditor may appeal to the Adjudicating Authority against the decision of the liquidator [accepting or] rejecting the claims within fourteen days of the receipt of such decision. .. 10. At this stage, this Tribunal points out the relevant following observations made by the Adjudicating Authority at Paragraph-4 of the Impugned Order dated 05.04.2021 in I.A. No. 106 of 2021 in CP(IB) No. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... claim submitted during the corporate insolvency resolution process, including interest, if any, on or before the last date mentioned in the public announcement. (2) A person shall prove its claim for debt or dues to him, including interest, if any, as on the liquidation commencement date. 12. In fact, in I.A. No. 106 of 2021 in CP(IB) No. 320/BB/2019, the Applicant/Operational Creditor at paragraphs 5 6 had averred the following: 5. Thus, the total amount of tax, interest and penalty payable by the 1st Respondent to the Applicant under the KVAT Act and the CST Act for the AY 2016-17 pursuant to the above orders is as follows: Act Total Amount payable CS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ively. Significantly, the Applicant became aware for the first time on 02.03.2021 that, much to its utter shock and dismay, as per the said Public Announcement, the last date of submission of claims in the liquidation proceedings of the 1st Respondent was 11.01.2021. 13. Indisputably, in the present case on hand, Corporate Insolvency Resolution Process (In short CIRP ) in respect of the Corporate Debtor was initiated by the Adjudicating Authority as per the order dated 29.10.2019. At the behest of M/s Sri Visveswaraya Co-operative Bank Ltd. the Public Announcement was made on 20.11.2019 by inviting claims of the Creditors of the Corporate Debtor in requisite form and the last date being 04.12.2019. In reality, the estimated date of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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