Tribunal dismisses claim seeking directions for claim realization against Corporate Debtor under IBC Section 60 (5).

The Tribunal rejected the applicant's claim seeking directions for claim realization against the Corporate Debtor under Section 60 (5) of IBC. The Resolution Professional's actions were deemed compliant with IBC provisions, despite the applicant's allegations of non-receipt of payment and untimely filing of claims. The Tribunal emphasized the importance of timely claim submission before accepting a Resolution Plan. The applicant's prayer to set aside the Resolution Plan or direct payment of dues was denied, and the application was dismissed without costs.

---

---

Issues:
- Application under Section 60 (5) of IBC seeking directions for claim realization against CD
- Alleged non-receipt of payment for supplied goods by the CD
- Filing of Company Petition for winding up CD
- Violation of IBC provisions by RP in making public announcement
- Prayer to set aside Resolution Plan or direct payment of outstanding dues
- Timeliness of filing claim by Operational Creditor
- Precedent from Hon'ble Supreme Court on resolution plan acceptance

Analysis:
- The applicant sought directions for realizing its claims against the Corporate Debtor (CD) under Section 60 (5) of IBC. The CD had allegedly not paid Rs.1,21,86,626 for goods supplied by the applicant, leading to a Company Petition for winding up the CD.
- The applicant claimed that the Resolution Professional (RP) violated IBC provisions by not properly announcing the initiation of Corporate Insolvency Resolution Process (CIRP), preventing the applicant from filing its claims.
- The applicant prayed to set aside the Resolution Plan or direct payment of outstanding dues. However, the RP had issued public notices at the CD's Registered and Corporate Offices, as required, and the applicant's claims were deemed untimely.
- The Hon'ble Supreme Court precedent emphasized the need for all claims to be submitted and decided before accepting a Resolution Plan to avoid uncertainties for successful resolution applicants.
- The Tribunal found no merit in the applicant's claim, noting that the RP had followed due process in announcing the CIRP. The applicant's lack of knowledge about the CIRP approval was deemed unconvincing given its previous actions against the CD.
- Consequently, the prayer to set aside the Resolution Plan or direct payment of dues was rejected, and the application was disposed of without costs.

---