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Issues: Whether the delayed claim filed by the Provident Fund authorities in the liquidation proceedings could be condoned and directed to be admitted.
Analysis: The claim was filed long after the last date for submission of claims in the liquidation process. The Tribunal noted that the liquidation was a time-bound process and that the applicant had not followed the prescribed procedure. It further found that the explanation for the substantial delay was neither reasonable nor satisfactory, and that condonation of such belated delay could not be granted at that stage.
Conclusion: The delay was not condoned and the application was rejected.
Ratio Decidendi: Condonation of delay requires a reasonable and satisfactory explanation, and a belated claim in a time-bound liquidation process cannot be entertained in the absence of sufficient cause.
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