AI Drafter 
TaxTMI 
TaxTMI 
2021 (4) TMI 943
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.... To condone the delay of 725 days in submitting the Claim in Form C to the Respondent; (ii) To direct the Respondent/Liquidator to admit the claim of the applicant for an amount of Rs. 20,41,035/- representing the Principal amount of Rs. 6,02,90/- plus interest claim amount of Rs. 14,38,131/-; (iii) To pass such other order as it deems fit in the light of the above circumstances and thus render justice. 2. The Learned Counsel for the Applicant submitted that the Applicant is the sole proprietor of M/s. Sarada Steels & bearings Company and approved supplier of steel, Bright Bars and Pipes to Defence, Public and Private sector undertakings and various Reputed Organizations. It was submitted that the Applicant supplied ste....
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.... 10.08.2017 and the RP has admitted only the Principal portion of Rs. 6,02,904/- and rejected the Interest portion of Rs. 14,38,131/- and updated the List of Creditors on 22.06.2018. 5. The Learned Counsel for the Applicant submitted that, in the meantime, the Corporate Debtor was ordered for Liquidation by this Tribunal vide order dated 11.12.2018 passed in MA/289/2018 and the Respondent herein was appointed as the Liquidator, who has issued public announcement to submit the claim forms on or before 10.01.2019. It was submitted by the Learned Counsel for the Applicant that he was unable to file the required claim in "Form C" before the Liquidator on time and also not appeared before the Stakeholders Committee meetings since the Applican....
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....by the Applicant, the Liquidator has rightly rejected the claim of the Applicant. 8. The Learned Counsel for the Liquidator further submitted that the provisions of IBC requires the Liquidation process to be completed in a time bound manner and it is precisely for this reason specific time frame has been fixed in the code and in the regulations for the submission of the claim and if the claims could be considered endlessly, the provisions of the code and regulations would be rendered nugatory. 9. Further, it was submitted by the Learned Counsel for the Liquidator that as per the documents submitted by the Applicant, the entire transactions relates to the year 2015 and therefore the present claim is prima facie barred by limitation and....
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....ubmissions made by the Learned Counsel for the parties. Before venturing to the submission made by the Learned Counsel for the Appellant, it is pertinent to note here that the Scheme in relation to the Corporate Debtor viz. NOCL which has been proposed under Section 230 of the Companies Act, 2013 read with the attendant provisions of Insolvency and Bankruptcy Code, 2016 was approved by this Tribunal vide its order dated 18.03.2021 passed in CP/546/CAA/2020. 12. However, it is seen that as per the provisions of the IBC, 2016, the Applicant is required to submit the claim to the Liquidator in such form and in such manner along with such supporting documents as specified by the Board. Thereafter, upon submission of the claim, the Liquidator....
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....mmissioner Commercial Taxes (Audit), Raichur Vs. Surana Industries Ltd. (In Liquidation) & Anr. in Company Appeal (AT) (Insolvency) No. 1525 of 2019 dated 07.02.2020, wherein the Hon'ble NCLAT has dismissed the appeal filed by an Applicant similar to the present application filed by the Applicant against the order of the liquidator and also held that liquidation process is a time bound process and the Liquidator has to conclude his proceedings within one year. 15. Further, it may be noted that under Regulation 44(1) of the IBBI (Liquidation Process) Regulations, 2016, the Liquidator is directed to liquidate the Corporate Debtor within one year from the date of commencement of the liquidation proceedings and Regulation 44(2) stipulate....