TaxTMI 
TaxTMI 
2021 (3) TMI 295
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....assed by the hon'ble Bench and for appropriate directions. 2. The facts of the case is/are herein under : 2.1 C. P. (IB) No. 172 of 2018 was filed by the operational creditor, viz., SKE Projects Ltd., under section 9 of the IB Code, seeking initiation of corporate insolvency resolution process (hereinafter referred as "CIRP") against the corporate debtor, viz., Jaihind Project Ltd., which was admitted on November 2, 2018 by this Adjudicating Authority and Mr. Premnarayan Ramanand Tripathi was appointed as the interim resolution professional (hereinafter referred as "IRP"). 2.2 Vide order dated January 23, 2019 Mr. Parthiv Parikh was appointed as the resolution professional (hereinafter referred as "RP") and vide order dated March 19,....
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....and entered into a settlement. Accordingly, they executed a memorandum of settlement dated September 30, 2015 admitting their financial liability towards L&T Finance Ltd., of Rs. 25,97,55,260 (rupees twenty-five crores ninety seven lakhs fifty five thousand two hundred and sixty only) as on August 6, 2015 along with interest and the consent award was passed on March 25, 2016 by the learned arbitrator. 2.6 The applicant further stated that the corporate debtor committed default in execution of memorandum of settlement and so, L&T Finance Ltd., filed an execution proceeding before the hon'ble Bombay High Court, wherein the corporate debtor was made party and notice was issued by the hon'ble High Court. Thereafter, vide order dated Ju....
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....es, the applicant was unable to submit his claims within the stipulated time before the IRP/RP and is requesting for condoning the delay in filing the claims. 3. Heard the applicant and also seen the records. For the sake of convenience, the list of events is herein under : Date Event 30-9-2015 Memorandum of settlement 25-3-2016 Award passed 22-1-2018 Notice issued to the corporate debtor by the hon'ble High Court of Bombay 4-6-2018 Order passed in execution proceeding 2-11-2018 CIRP was initiated against the corporate debtor 29-3-2019 Deed of assignment between L&T Finance Ltd., and Kotak Mahindra Bank Ltd., was signed 19-3-2020 Resolution plan was passed by the National Company Law Tribunal, Ahmedabad 15-6-2020 The appl....
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....e repeated reminders during the period, i. e., 2016-2020, and it is but natural that while making a demand, the corporate debtor was under suspension in view of the admission order passed by this Adjudicating Authority. So, the plea of lack of knowledge taken by the applicant is not maintainable. 6. On perusal of the record, it is found that the applicant has approached the IRP on April 18, 2020 where the resolution plan was already passed on March 19, 2020. Under such circumstances, when the IRP/RP has already been discharged, definitely he will show his inability to accept the claim. Furthermore, the instant application is filed on August 14, 2020 on such a belated stage when the corporate debtor has already been acquired by the successf....