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The Appellate Tribunal (NCLAT) allowed the appeal and held that the adjudicating authority (NCLT) erred in rejecting the appellant's claim. The appellant had timely submitted proof of claim within the prescribed filing period under the CIRP of the principal corporate debtor; the IRP/RP is statutorily obliged to receive, collate and verify claims under ss.18 and 25(2)(e) of the IBC and to apply binding judicial precedent. The RP's legal interpretation and consequent omission to admit the claim materially affected the resolution process. As the resolution plan remains unapproved, the matter is remitted for reconsideration consistent with law and the duty of the RP to admit valid claims.
The Appellate Tribunal (NCLAT) allowed the appeal and held that the adjudicating authority (NCLT) erred in rejecting the appellant's claim. The appellant had timely submitted proof of claim within the prescribed filing period under the CIRP of the principal corporate debtor; the IRP/RP is statutorily obliged to receive, collate and verify claims under ss.18 and 25(2)(e) of the IBC and to apply binding judicial precedent. The RP's legal interpretation and consequent omission to admit the claim materially affected the resolution process. As the resolution plan remains unapproved, the matter is remitted for reconsideration consistent with law and the duty of the RP to admit valid claims.
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TaxTMI 
TaxTMI 
