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TMI Blog2022 (3) TMI 1626X X X X Extracts X X X X X X X X Extracts X X X X ..... solution Professional to provide the applicant a copy of the Resolution Plan. Further direction be given to Resolution Professional to admit the entire claim of applicant, aggregating to Rs. 1,19,33,688/- (Rupees One Crore Nineteen Lakh Thirty-Three Thousands Six Hundred and Eighty-Eight only) . The applicant is also seeking direction to reject the Resolution Plan pending before this Tribunal filed by the Resolution Professional under Section 31 of the IBC and consequently direct the resolution professional to put the revised resolution plan before the Committee of Creditors after incorporating the applicant claim in entirety. 2. The present application is in CP (IB) No.122/Chd/HP/2019 which is admitted by this Tribunal vide order dated December 23, 2019, under Section 7 of the Insolvency & Bankruptcy Code, 2016 filed by the Central Bank of India against M/s Luni Power Company Private Limited (hereinafter referred to as 'Corporate Debtor'). 3. It is contended by the applicant that there is contract between the applicant and the corporate debtor. The corporate debtor has placed various work orders to the applicant. The details of the work orders in tabular form are provided as und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wed the Application bearing I.A. 271 of 2020 (Page No. 189-193 of the Application). October 27, 2020 Email dated October 27, 2020 Applicant sends another reminder to the Respondent. (Page No. 194 of the Application). Proof of registered post receipt dated October 28, 2020 (Page No. 196 of the Application). Proof of delivery stated in the tracking report is November 4, 2020 (Page No. 195 of the Application). November 13, 2020 Respondent for the first time replied to the Applicant stating the Resolution plans are to be submitted by 17.11.2020, accordingly sought relevant documents supporting the claim. (Page No. 197 of the Application). November 16, 2020 The Applicant submitted all the relevant documents vide Email dated November 16, 2020. Attaching the google link, as the files being voluminous in nature. (Page No. 198 of the Application). November 20, 2020 Respondent rejects the claim of the Respondent to be time barred. December 11, 2020 This Hon'ble Tribunal extends the time line of CIRP process for another 90 days. January 1, 2021 The Applicant files an application before this Hon'ble Tribunal. January 25, 2021 This Hon'ble Tribunal recording the pray ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion, the reply has been filed before this Adjudicating Authority on behalf of Sh. Sachin Gopal Jathar, Resolution Professional, appointed vide order dated 10.08.2020, under Section 60(5) of the Code, 2016. 14. The tabular representation of series events is laid out herein:- Date Event 23/12/2019 Initiation of CIRP 26/12/2019 Public Announcement in Form A calling for claims from creditors. 05/01/2020 Last day to submit claims as per the public announcement. No claim received from the applicant. 25/03/2020 Last day to submit claims as per the regulation 12(2) of CIRP regulations. No claim as stipulated under Law received from the applicant. 17/10/2020 Issue of Information Memorandum having the list of creditors to the Resolution applicant. 17/11/2020 Resolution application submits the resolution plan to be put to CoC for its approval. 18/11/2020 Claim in accordance to Regulation 7(1) submitted by the applicant vide email. Kindly refer to Annexure C (Page No.19) of Affidavit in Opposition. 15. It is alleged by the respondent that the claim of the applicant (Concept Infracon Pvt. Ltd.) was received far later than the due date (i.e. 22.03.2020) of receip ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in Form A and the last date for submissions of claims were mentioned as 05.01.2020. However, the applicant has submitted its claim on 18.11.2020 in accordance with Regulation 7(1), much beyond the stipulated time. It is matter of record that RP has already issued IM to resolution applicant on 17.10.2020. 21. In view of above facts and circumstances, we are of the considered view that the claim made after the resolution plan has already been received by the Resolution Professional. At that belated stage, if such type 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 (IM). The Prospective Resolution Applicants submitted their resolution plan on the basis of their financial capacity and availability of funds. There is every likelihood, if the claim of different creditors are accepted in a phased manner and/or on such belated stage, that too, after the stipulated time so provided for submitting claims, in that event the resolution plans can never get materialized and there would be no resolution of corporate debtor. This will defeat the obje ..... X X X X Extracts X X X X X X X X Extracts X X X X
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