2021 (3) TMI 979

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.... 2016, seeking to set aside the impugned order dated 13.12.2020 and to condone the delay in filing the claim, and further to direct the liquidator to accept and verify the claim of Applicant. 2. Brief facts apropos to the Application a. The Applicant is a leading service provider of Crane Rental Service, and approved contractor of Bhilai Steel Plant for undertaking all type of Civil work, Steel Structural Work, erection and commissioning work at Bhilai Steel Plant Bhilai. b. It is averred that the Applicant is a stakeholder to the corporate debtor who is undergoing liquidation. The Applicant came to know about the status of liquidation on 16.11.2020 and thus immediately on 05.12.2020 the Applicant filed its Form C to th....

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.... 40, the liquidator shall admit or reject the claims. f. It is averred by the Applicant that IBC, 2016 nowhere provides that the claims submitted later than 30 days have to be mandatorily rejected for being time barred. It is further stated that under Section 420 (3) of the Companies Act, 2013 it has been clearly stated that it is mandatory for the Hon'ble Tribunal to provide with a free copy of the order to the Companies involved in the matter. g. It is averred that delay in filing the form was neither intentional nor deliberate. The liquidation process is in early stage and no prejudice will be caused if the claims of the Applicant is considered on merits by the liquidator. If the claim is not admitted immense loss w....

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....order dated 31.08.2018 has admitted the Company Petition filed by the financial creditor and appointed the Interim Resolution Professional (IRP) and further confirmed him as Resolution professional to carry out the functions as per the provisions of IBC. Subsequently the Tribunal vide order dated 14.06.2019 allowed the application filed by the Resolution Professional for initiation of liquidation in the case of corporate debtor and appointed the RP as liquidator. b. Pursuant to that Respondent being appointed as the Liquidator he commenced the proceedings by making a public announcement on 17.06.2019 in Form-B under Regulation 12 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 (liquidation Re....

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..... Section 474 of the Companies Act, 1956 reads as follows: "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" On perusal of Section 474 of the Companies Act, 1956 and IBC it is understandable that the Legislature clearly have an intention to exclude the creditors which fail to provide the claim in time. Therefore the Liquidator has rightly rejected the claim of the Applicant. e. In the light of above submissions, the claim of the Applicant has been appropriately rejected by the liquidator and thus prayed the Tribunal to dismiss the application or may pass such other orders....