Appellant's Request to Modify Order Denied; Claims to Be Filed with Liquidator as CIRP Progresses to Liquidation.

The Appellant's request to modify the order dated 19th July, 2018, was denied by the Adjudicating Authority due to the progression of the Corporate Insolvency Resolution Process (CIRP) to liquidation. The Tribunal affirmed that the Appellant could file claims with the liquidator, who is required to assess these within 30 days as per Section 38 of the Insolvency and Bankruptcy Code, 2016. The Appellant retains the right to appeal the liquidator's decisions under Section 42. The appeal was disposed of, allowing the Appellant to submit claims to the liquidator promptly.

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Issues:
1. Modification of order dated 19th July, 2018 sought by the Appellant.
2. Adjudicating Authority's refusal to entertain certain prayers due to the Corporate Insolvency Resolution Process (CIRP) culminating in liquidation.
3. Appellant's right to approach the liquidator for filing claims post liquidation process.

Analysis:

Issue 1: The Appellant sought modification of the order dated 19th July, 2018, which was declined by the Adjudicating Authority citing its relation to the admission of the Company Petition. The Authority mentioned that since the CIRP against the Corporate Debtor had progressed to liquidation, the modification could not be entertained. However, the Appellant was assured the right to seek recourse in other forums for any incurred losses.

Issue 2: The Adjudicating Authority, while refusing to entertain certain prayers, emphasized that the CIRP had advanced to the point of liquidation with the appointment of a liquidator. It clarified that the Appellant could approach other forums for losses incurred, and the liquidator was mandated under Section 38 of the Insolvency and Bankruptcy Code, 2016, to receive and adjudicate on creditors' claims within 30 days of the liquidation process commencement. The liquidator's decisions on claims could be appealed under Section 42 of the I&B Code before the Adjudicating Authority.

Issue 3: The Tribunal, after hearing the Appellant's representation, decided to dispose of the appeal without issuing notice to the Respondents. It was concluded that the Appellant could file its claim before the liquidator as per statutory provisions, and the impugned order did not impede this right. The Appellant was granted liberty to approach the liquidator with its claim within a week from the judgment date, and the order was to be promptly communicated to the Adjudicating Authority.

This comprehensive analysis of the judgment from the National Company Law Appellate Tribunal, New Delhi, highlights the key issues addressed, the reasoning behind the decisions made, and the rights and obligations of the parties involved in the context of the Insolvency and Bankruptcy legal framework.

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