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Insolvency and BankruptcyMarch 23, 2022Case LawsAT
Seeking rectification of mistake - In an appeal wherein rejection of a claim is being considered by the Adjudicating Authority, the RP who has rejected the claim should be heard to arrive at a judicious, fair and transparent decision. This has not been done in the present case - since the claim of the Respondent was submitted with inordinate delay and in view of the advanced stage of CIRP, it is held that the claim of the Respondent should not be included in CIRP since such an inclusion would mean that the resolution plans would have to be invited afresh leading to unnecessary delay in the resolution of the corporate debtor which could even jeopardize the eventual insolvency resolution of the corporate debtor. - AT
Seeking rectification of mistake - In an appeal wherein rejection of a claim is being considered by the Adjudicating Authority, the RP who has rejected the claim should be heard to arrive at a judicious, fair and transparent decision. This has not been done in the present case - since the claim of the Respondent was submitted with inordinate delay and in view of the advanced stage of CIRP, it is held that the claim of the Respondent should not be included in CIRP since such an inclusion would mean that the resolution plans would have to be invited afresh leading to unnecessary delay in the resolution of the corporate debtor which could even jeopardize the eventual insolvency resolution of the corporate debtor. - AT
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