https://www.taxtmi.com/caselaws?id=405651 The Tribunal dismissed the Applicant's application under Section 42 of the Insolvency and Bankruptcy Code, upholding the liquidator's decision to reject the claim due to the substantial delay of 540 days in filing the claim, which exceeded the prescribed timeline of 30 days. The Tribunal found the delay unjustifiable, expressing skepticism over the lack of vigilance by the Applicant in monitoring the liquidation process. Consequently, the application was dismissed, emphasizing the importance of adhering to statutory timelines for filing claims in liquidation proceedings and justifying any delays effectively. en-us Tue, 02 Mar 2021 00:00:00 +0530 Wed, 24 Mar 2021 15:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405651 The Tribunal dismissed the Applicant's application under Section 42 of the Insolvency and Bankruptcy Code, upholding the liquidator's decision to reject the claim due to the substantial delay of 540 days in filing the claim, which exceeded the prescribed timeline of 30 days. The Tribunal found the delay unjustifiable, expressing skepticism over the lack of vigilance by the Applicant in monitoring the liquidation process. Consequently, the application was dismissed, emphasizing the importance of adhering to statutory timelines for filing claims in liquidation proceedings and justifying any delays effectively. Case-Laws Insolvency and Bankruptcy Tue, 02 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405651