Tribunal directs consideration of Operational Creditor's delayed claim in approved resolution plan

The Tribunal directed the Resolution Professional to consider the Operational Creditor's claim on its merits and condone the delay in filing, despite the resolution plan approval. The claim, if admitted, should be treated equally with other admitted claims in the resolution plan.

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Issues Involved:
1. Condonation of delay in filing the claim by the Operational Creditor.
2. Admissibility of the claim by the Resolution Professional.
3. Applicability of precedents and legal provisions to the current case.
4. Impact of the resolution plan approval on the claim.

Issue-Wise Detailed Analysis:

1. Condonation of Delay in Filing the Claim:
The Applicant, an Operational Creditor, filed an application seeking condonation of delay in submitting its claim under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules. The delay occurred because the Applicant was unaware of the commencement of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The Applicant learned about the CIRP in March 2019 and subsequently filed its claim on April 15, 2019, which was beyond the 90-day period stipulated under Regulation 12(2) of the CIRP Regulations.

2. Admissibility of the Claim by the Resolution Professional:
The Resolution Professional rejected the claim on the grounds that it was submitted after the 90-day period from the insolvency commencement date. The Applicant argued that the claim should have been admitted as the CIRP was still pending, and no resolution plan had been approved by the Committee of Creditors (CoC) at the time of filing the claim. The Tribunal noted that the claim was indeed filed beyond the 90-day period but emphasized that the Resolution Professional should have considered the claim since the CIRP was ongoing and no resolution plan had been approved.

3. Applicability of Precedents and Legal Provisions:
The Applicant relied on a decision by the Hon'ble NCLT, Principal Bench, New Delhi, in CA. No. 727(PB)/2019, which held that a claim made after the 90-day period could be considered if the resolution plan had not yet been approved. The Tribunal agreed with this precedent, stating that the Resolution Professional should have considered the claim as the resolution plan was not approved at the time of claim submission. The Tribunal also referenced the case of Twenty First Century Wire Rods Ltd, where a similar delay was condoned, and the claim was directed to be considered by the Resolution Professional.

4. Impact of the Resolution Plan Approval on the Claim:
The Tribunal acknowledged that the CoC had approved the resolution plan on August 2, 2019, and the Resolution Professional had filed an application for its approval on August 6, 2019. Despite this, the Tribunal directed the Resolution Professional to consider the Applicant's claim on its merits and condone the delay. The Tribunal clarified that if the claim is admitted, it should be treated on par with the claims already admitted and form part of the resolution plan.

Conclusion:
The Tribunal disposed of the application by directing the Resolution Professional to consider the Applicant's claim on its merits and condone the delay in filing. The claim, if admitted, should be treated on par with other claims already admitted and included in the resolution plan.

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