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RP rightly rejected belated claim filed by Appellant much beyond extended 90-day period from public announcement as per IBC and CIRP Regulations. RP lacks adjudicatory powers over contingent claims arising from damages and breach of contract. Surprise claims inadmissible to ensure potential resolution applicants aware of liabilities from information memorandum. NCLAT upheld NCLT order dismissing Appellant's plea for claim admission, finding no irregularity by RP in adhering to statutory timelines for timely resolution process.
RP rightly rejected belated claim filed by Appellant much beyond extended 90-day period from public announcement as per IBC and CIRP Regulations. RP lacks adjudicatory powers over contingent claims arising from damages and breach of contract. Surprise claims inadmissible to ensure potential resolution applicants aware of liabilities from information memorandum. NCLAT upheld NCLT order dismissing Appellant's plea for claim admission, finding no irregularity by RP in adhering to statutory timelines for timely resolution process.
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