2018 (3) TMI 573

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....been filed on 18-12-2017. As per Section 42 of the IB Code, 2016, an application of this nature is to be filed within 14 days of the receipt of the decision under challenge. The appellant received the order under challenge on 8-12-2017. Therefore the appeal filed is in time. 3. This is a case in which a Liquidator Mr. Vinod Kumar Kothari has been appointed vide Order dated 17-10-2017 in respect of the NICCO Corporation Limited, the Corporate applicant and liquidation process is going on. The Liquidator caused public announcements inviting the creditors of Nicco Corporation Limited to submit proof of their respective claims on or before 22-11-2017 to the Liquidator. The Liquidator made public announcement on 25-10-2017 in Financial Express,....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e Appellant in the instant case, had failed to submit any claim to the Liquidator until the last date i.e. 22-11-2017. 7. The Liquidator further submits that upon expiry of period of submission of the claim preferred by the Appellant, he could not accede to the claim and therefore, it has been rejected. Heard both sides. 8. According to the Ld. Counsel for the Appellant, the delay was due to want of necessary documents to be filed along with the reply and the documents were traced out of the connected files only on 2.2.2018 because of renovation and repair work which has been going on in the premises of the Bank where the records were kept. According to him, the Appellant being a member of the Consortium and the entire facilities availed....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....refore, Regulation 12(2) above referred is not applicable. The Ld. Liquidator, at this juncture, brought to my notice, Section 474 of the Companies Act, 1956 to point out that as per Section 474 of the Companies Act, 1956, the Creditors if failed to provide claim in time, to be excluded. It is good to read Section 474 of the Companies Act, 1956 which reads as follows: Section 474: "The Tribunal may fix a time or times within which creditors are to prove their debts or claims, or to be excluded from the benefit of any distribution made before those debts or claims are proved." 12. No similar provision is in Companies Act, 2013. Moreover time limit in regards submission of claims by a creditor is now dealt with under the provisions of I&B....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ditor who has participated in the CIRP what is to be done by the liquidator is silent. On the other hand reading section 40 of the code, the liquidator may, after verification of claims under section 39, either admit or claim, in whole or in part, as the case may be. Herein this case such verification of the claim submitted by the appellant has not been done. 15. The Ld. Liquidator also referred Rules 177 and 178 of the Companies (Court) Rules, 1959, which dealt with Procedure on failure to prove the debt within the time fixed. 16. As per the Rule 177, if any Creditor fails to file proof of his debt with the Liquidator within the time specified in the advertisement referred to in Rule 148, such creditor may apply to the Court for relief, ....