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        Insolvency and Bankruptcy

        Condonation of delay in filing application - fresh claim in CIRP...

        Delays in Filing Claims in CIRP Risk Undermining Resolution Plans and IBC Objectives; Timely Compliance Essential.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Condonation of delay in filing application - fresh claim in CIRP - The prospective Resolution Applicants submitted their Resolution Plan on the basis of their financial capacity and availability of funds. There is every likelihood that, if the claims of the different creditors are being accepted in a phase manner and/or on such belated stage, that too after the stipulated time, so provided for submitting claims, in that event, the Resolution Plans can never get materialized and there would be no resolution of Corporate Debtor which is main object of the IB Code, more so, when CIRP is to be completed in a time bound manner. - Tri
                                Note: It is a system-generated summary and is for quick reference only.
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