TaxTMI 
TaxTMI 
2019 (7) TMI 1020
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....ing relief: (a) Delay to be condoned for filing the claim before Resolution Professional. (b) Respondent No. 1 be directed to accept and admit the Proofs of Claim filed by the Applicant in 'Form-C (Proof of Claim by Financial Creditor) on February 4, 2019 under the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. 2. The averments made in the Application are as follows : (a) It is averred that under a Loan Agreement dated October 9, 2010 an aggregate sum of Rs. 7,00,00,000/- (Rupees Seven Crores only) was disbursed to Corporate Debtor carrying with interest at the rate of 21 per cent p.a. along with an additional 6 per cent p.a. for each additional....
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.... (e) It is averred that the Applicant by its emails of February 4, 2019 (within 124 days of the Insolvency Commencement Date), filed two Proofs of Claim in Form-C with the Resolution Professional together with the requisite supporting documents, in its capacity as a financial creditor of Corporate Debtor. (f) It is averred that the Resolution Professional by email dated February 8, 2019, rejected the Applicant's Claims on the grounds that more than 90 days had passed since the Insolvency Commencement Date. 3. Heard Counsel for Applicant and Resolution Professional. 4. Resolution Professional reported no counter. 5. One of the Creditor of the Corporate Debtor filed the present Application under Section 60(5) of the....
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....in the public announcement, may submit the claim with proof to the interim resolution professional or the resolution professional, as the case maybe, on or before the ninetieth day of the insolvency commencement date.] (3) Where the creditor in sub-regulation (2) is a financial creditor under regulation 8, it shall be included in the committee from the date of admission of such claim: Provided that such inclusion shall not affect the validity of any decision taken by the committee prior to such inclusion. 10. As per the Regulation 12 the claims of creditors has to be submitted to the Resolution Professional on or before 90th day of Insolvency Commencement Date. The Present applicant failed to submit the claims before Re....
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.... the IRP. Only on 29th December, 2018 the Resolution Professional informed the Applicant through E-Mail about the submission of claim in Form-C. After receipt of E-mail the Applicant has taken steps for submission of claim. 15. The Resolution Professional rejected the claim of the Applicant only on the ground the claim was not submitted within 90 days of the insolvency commencement date. The Applicant stated reasons for non-submission of claims within time. The Applicant is not aware of submitting Form -C to the Resolution Professional. The CIRP of Corporate Debtor is still pending. The Applicant claiming that it will come under the ambit of Financial Creditor, even if the claim of the Applicant is accepted by the RP that does not affect....