TaxTMI 
TaxTMI 
2020 (10) TMI 537
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...., seeking relief as follows; (i) To condone the delay in filing the requisite Form F (Proof of Claim other than Financial Creditor and Operational Creditor) under Regulation 9A. (ii) Directed that the Liquidator process the Claim form submitted for Rs. 10,51,65,602/- (Rupees Ten Crore Fifty - One Lakhs Sixty Five Thousand and Six Hundred and two only) and interest as applicable in accordance with the provisions of Part II Chapter III of Code and the Chapter V of the Regulations, pertaining to Liquidation Process for Corporate Persons; (iii) Alternatively, to the prayers sought above, permit the Applicant to file a fresh Form F and direct the Liquidation to accept the said fresh Form. (iv) Pass such furthe....
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....on 27.03.2018 under Regulation 12 of the IBBI (Liquidation Process) Regulations, 2016 whereby claims were to be filed by the stakeholders for debts due from the Company under liquidation on or before 30 days from Liquidation Commencement date, thus the last date being 22.04.2018. 5. It is submitted by the Learned Counsel for the Applicant that they have submitted the claim for a sum of Rs. 10,51,65,602/- in the prescribed Form to the Liquidator on 26.04.2018, which was acknowledged by the Liquidator on 02.05.2018. However, the Liquidator by an communication dated 23.05.2018, intimated the Applicant that the said Claim Form for a sum of Rs. 10,51,65,602/-and interest as applicable was submitted by the Applicant much after the last date fo....
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....he Applicant on 04.10.2018 against the order of the liquidator passed on 23.05.2018. In this context, it is relevant to refer to Section 42 of IBC, 2016; 42. Appeal against the decision of Liquidator A creditor may appeal to the Adjudicating Authority against the decision of the liquidator accepting or rejecting the claim within fourteen days of the receipt of such decision. 8. In the scheme, of Liquidation as provided under IBC, 2016 the Liquidator is required to receive or collect the claims of the creditors within a period of 30 days from the date of commencement of the liquidation process, in the instant case i.e., on 23.03.2018 which date is not in dispute. Further by virtue of sub-section (3) of Section 38 of IBC,....
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....ay either admit or reject in whole or part as the case may be of such claim. Section 40 of the I&B Code, 2016 mandates the Liquidator to record the reason in writing for rejection of the claim and the same is also required to be communicated to the Applicant. In relation to his decision of admission or rejection, the Liquidator is required to communicate to both the creditors and the Corporate Debtor within seven days of such admission or rejection of the claim. As against the rejection of the claim, Section 42 of I&B Code, 2016 provides for a time window of 14 days upon receipt of such decision to the creditor to file an appeal to the Adjudicating Authority against the said decision of the Liquidator. 10. From the records, it is evident....