https://www.taxtmi.com/caselaws?id=312638 The Adjudicating Authority, addressing an application under Section 60(5) of the IBC, 2016, ruled that a claim rejected by the Resolution Professional (RP) solely due to delay must be reconsidered. The applicants provided valid reasons for their late submission, and the Authority directed the RP to accept and verify the claim on its merits. This decision emphasized that claims should not be dismissed solely on procedural grounds, aligning with IBC objectives. Consequently, the RP was instructed to proceed with the claim's verification and determination, resulting in the application being allowed and the matter disposed of. en-us Mon, 03 Feb 2020 00:00:00 +0530 Wed, 28 Feb 2024 19:52:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312638 The Adjudicating Authority, addressing an application under Section 60(5) of the IBC, 2016, ruled that a claim rejected by the Resolution Professional (RP) solely due to delay must be reconsidered. The applicants provided valid reasons for their late submission, and the Authority directed the RP to accept and verify the claim on its merits. This decision emphasized that claims should not be dismissed solely on procedural grounds, aligning with IBC objectives. Consequently, the RP was instructed to proceed with the claim's verification and determination, resulting in the application being allowed and the matter disposed of. Case-Laws Insolvency and Bankruptcy Mon, 03 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312638