Belated CIRP claim rejected where delay was unjustified and the insolvency resolution process had already advanced.

A belated operational creditor claim in CIRP need not be entertained where the claimant fails to justify the delay and the insolvency process has already substantially progressed. The record showed that public announcement had been issued in multiple newspapers and claims from other operational creditors and government authorities were received, so the plea of lack of knowledge was rejected. Given the time-bound nature of corporate insolvency resolution, the request to condone delay and compel admission of the claim was found unmeritorious. The delay was not condoned and the claim was not directed to be admitted, leaving the resolution professional's refusal undisturbed.

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Issues: Whether the delay in filing the operational creditor's claim in the corporate insolvency resolution process should be condoned and the claim directed to be admitted.

Analysis: The claim was lodged well after the period prescribed for submission of proof of claim under the insolvency resolution regulations. The record also showed that the public announcement had been issued in multiple newspapers and that claims from various operational creditors and government authorities had already been received, so the plea of lack of knowledge was not accepted. The proceeding was at an advanced stage of corporate insolvency resolution, and the process under the insolvency code was required to be completed in a time-bound manner. In these circumstances, the request to overlook the delay and compel admission of the claim was found unmeritorious.

Conclusion: The delay was not condoned and the claim was not directed to be admitted.

Final Conclusion: The application for late filing of claim failed, leaving the resolution professional's refusal to entertain the belated claim undisturbed.

Ratio Decidendi: A belated claim in a corporate insolvency resolution process need not be entertained where the claimant fails to justify the delay and the resolution process has substantially progressed in a regime requiring expeditious completion.

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