AI Drafter 
TaxTMI 
TaxTMI 
2021 (4) TMI 944
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....stakeholders convened on October 29, 2020 pursuant to Order dated August 20, 2020 passed by this Hon'ble Tribunal as null and void as the same has been conducted without following the due course of law; (ii) Direct the 1st Respondent to accept the claim submitted by the Applicant in accordance with the provisions of the Insolvency and Bankruptcy Code, 2016; 2. The Learned Counsel for the Applicant submitted that the Applicant Company is incorporated under the provisions of the Companies Act, 1956 and the main object of the Company is to design, manufacture and selling and servicing of Heat Exchanger, pressure vessels, etc. The Learned Counsel for the Applicant submitted that the Corporate Debtor viz. M/s. Nagarjuna Oil Corpo....
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....he 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 1st 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 the Applicant Company has submitted the claim before the Liquidator on 24.06.2019 and the Liquidator till date has not responded to the claim submitted by the Applicant Company. It was further submitted that in accordance with Regulation 31 of IBBI (Liquidation Process) Regulations, 2016, the Liquidator ought to have updated the list of stakeholders in the website of the 1s....
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....ubmitted by the Applicant Company. 6. The Liquidator has filed its counter and the Learned Counsel for the Liquidator submitted that the relief as sought for by the Applicant Company is without any rhyme or reasons. Further, it was stated that the meeting of the stakeholders were convened pursuant to the directions issued by this Tribunal and after following the due process of law under the Chairmanship of the person appointed by this Tribunal. 7. Further, it was submitted by the Learned Counsel for the Liquidator that the Liquidation was ordered on 11.12.2018 and the Public Announcement was made by the Liquidator, wherein the last date for the submission of the claim was fixed as 10.01.2019 and admittedly the Applicant Company has fi....
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....dator submitted that the claim in respect of workmen and employees alone are required to be admitted by the Liquidator based on the books of accounts of the Corporate Debtor eventhough the Workmen and Employees have not preferred a claim before the Liquidator as per Regulation 19(4) of the IBBI (Liquidation Process) Regulations, 2016 and no such relaxation is available to the Operational Creditor like the Applicant herein or for that matter for any class of creditors. Further, it was submitted that the filing of the claim with the Liquidator is a mandatory requirement and the entire proceedings have been regularly updated in the website of NOCL and hence it was contended that the mere entry of debt in the books of accounts of the Corporate ....
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....required to verify the claim submitted within a period of 30 days from the last date of receipt of the claims and may 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 appea....
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....16, 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) stipulates that, after the expiry of one year, the liquidator shall file an application to the Authority to continue the liquidation period along with a report and explain why the liquidation has not been completed. Thus, it can be seen that the Liquidation is a time bound process and the Liquidator is being made accountable and required to explain, if there is any delay caused in the liquidation process. 17. In any case as already stated supra, the Scheme in respect of the NOCL has been sanctioned by this Tribunal and it is binding upon the stakeholders of NOCL and as per the ....