https://www.taxtmi.com/caselaws?id=410456 The Tribunal held that accepting delayed claims beyond the stipulated period would disrupt the Corporate Insolvency Resolution Process (CIRP) and potentially lead to liquidation, contrary to the intent of the Insolvency and Bankruptcy Code (IBC). Referring to legal precedents, the Tribunal emphasized the importance of timely claim submission for the Resolution Applicant's clarity on liabilities. The Tribunal set aside the Adjudicating Authority's direction to consider a claim filed after a significant delay, as it could jeopardize the CIRP and approved Resolution Plan. The appeal was allowed. en-us Fri, 30 Jul 2021 00:00:00 +0530 Mon, 02 Aug 2021 09:05:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=410456 The Tribunal held that accepting delayed claims beyond the stipulated period would disrupt the Corporate Insolvency Resolution Process (CIRP) and potentially lead to liquidation, contrary to the intent of the Insolvency and Bankruptcy Code (IBC). Referring to legal precedents, the Tribunal emphasized the importance of timely claim submission for the Resolution Applicant's clarity on liabilities. The Tribunal set aside the Adjudicating Authority's direction to consider a claim filed after a significant delay, as it could jeopardize the CIRP and approved Resolution Plan. The appeal was allowed. Case-Laws Insolvency and Bankruptcy Fri, 30 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=410456