2021 (4) TMI 643

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.... Director ORDER (Virtual Mode) Heard Learned Senior Counsel for the Appellant. The Appellant claims to be a Financial Creditor of the Corporate Debtor-Sri Aranath Logistics Limited. In substance, the grievance of the Appellant is that the Appellant is a Financial Creditor of the Corporate Debtor who filed claim before the Resolution Professional but the same was rejected on the ground of delay and the Adjudicating Authority has fixed the Application filed I.A. No. 1056 of 2020 to condone delay (Page 192) on a date which is subsequent to the date of CIRP ending. 2. A few dates may be referred. The Application under Section 10 of Insolvency and Bankruptcy Code, 2016 (IBC in short) was admitted on 08th November, 2019 (Page 169).....

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....as the case may be, on or before the ninetieth day of the insolvency commencement date.] According to the Learned Senior Counsel Regulation 12(2) gives a scope of 90 days which in the present matter got over on 06th February, 2020. It is stated that the Appellant however filed the claim late by only 37 days on 07th April, 2020 (Page 180). 3. The claim was not decided in 7 days as required by CIRP Regulation 13(1) relevant portion of which reads as under: "13. Verification of claims. (1) The interim resolution professional or the resolution professional, as the case may be, shall verify every claim, as on the insolvency commencement date, within seven days from the last date of the receipt of the claims, and thereupon maintain....

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....ent No. 1 is the only Financial Creditor who would only have a voice in the CoC and Appellant would not have a voice therein. 4. The Learned Counsel for Resolution Professional submits that there is a Resolution Plan received which will be placed before the CoC today. 5. The grievance of the Appellant is that only because there was delay in submitting the claim Appellant is left out and thus the same is causing prejudice to the Appellant. It is stated that there were various difficulties due to Covid Situation and delay occurred. 6. We find that the IBC was enacted to consolidate and amend the laws relating to reorganization and insolvency resolution of Corporate Persons, Partnership Firms and Individuals in a time bound manner for....

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....t they are secured creditors. We made it clear that Financial Creditor, namely, Centrum Financial Services Limited can raise its contention before the RP at proper stage. Application cannot be rejected on this ground. Ld. Counsel for some of the shareholders who were objecting this application submitted that the registered office as shown as registered office of the corporate person is not assets of the corporate person. At this stage, we are also not entering into that controversy. What are the assets of the Corporate Debtor shall be considered by the RP during CIRP and the objector have liberty to raise this issue before RP." In spite of this, the claim were not filed within time specified in the Public Notice or within 90 days from in....