Tribunal permits belated claims under IBC, directs Liquidator actions. Ex-parte order challenged.

The Tribunal allowed the urgent hearing request in IA No. 433/2020, permitting the admission of belated claims under Section 60(5) of IBC. The Liquidator was directed to implead claimants, modify the stakeholders' list, and provide reasons for the delayed claims within specified timelines. Additionally, an application to set aside an ex-parte order was filed, leading to the issuance of notices, filing of affidavits, and scheduling a hearing in conjunction with the initial order.

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Issues: Urgent hearing of IA No. 433/2020, Admission of belated claims, Setting aside ex-parte order

Issue 1: Urgent hearing of IA No. 433/2020
The Tribunal allowed IA No. 432/2020 seeking urgent hearing of IA No. 433/2020. The applicant was represented by Ms. Salina Chalana, Mr. Manish Jain, and Ms. Divya Sharma, while the respondent was represented by Mr. Yogesh Goyal, Mr. D.K. Singal, and Mr. Rabinder Singh Bhatia. The Liquidator, represented by Mr. G.S. Sarin, sought admission of claims filed after the submission deadline and requested modification of the stakeholders' list.

Issue 2: Admission of belated claims
The Liquidator filed IA No. 433/2020 under Section 60(5) of IBC seeking admission of claims submitted after the deadline. The Tribunal directed the applicant to implead the belated claimants and file an amended memo of parties within a week. Notices were to be issued to the respondents for a specified date, and the impleaded parties were given a chance to respond within two weeks. The applicant was required to provide reasons for the delay in filing claims within two weeks.

Issue 3: Setting aside ex-parte order
Kotak Mahindra Bank Limited filed IA No. 555/2020 to set aside the ex-parte order dated 09.09.2020 passed in IA No. 368/2020. The Tribunal, after hearing Mr. Manish Jain for the applicant, directed the issuance of notices to respondents for a specific date. The applicant was instructed to file an affidavit of service supported by acknowledgment of receipt of notices within a week. Replies were to be filed within a week after receiving the notice, and the IA was listed for a hearing along with IA No. 368/2020 on the specified date.

This detailed analysis covers the urgent hearing request, admission of belated claims, and the application to set aside an ex-parte order as per the Tribunal's instructions and legal procedures.

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