2021 (5) TMI 315

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....tions, 2016 read with Section 60(5) of the Insolvency and Bankruptcy Code, seeking relief as follows: "It is therefore humbly prayed that this Hon'ble Tribunal may be pleased to condone the delay of 796 days delay in filing the claim before the Liquidator as appointed by this Hon'ble NCLT, Chennai and to pass such other suitable orders as may be deemed fit by this Hon'ble Bench and thus render justice". 2. The Learned Counsel for the Applicant submitted that the Applicant is the Liquidator of Corporate Debtor viz. M/s. Perfect International Fabricators Private Limited which is a Private Limited Company incorporated on 30 November 2006. The Company was admitted into Corporate Insolvency Resolution Process (CIRP) pursuant to an....

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....1) of IBC, 2016, a claim under Liquidation Process is to be submitted within 30 days from the date of the Liquidation. 6. The Learned Counsel for the Applicant submitted that the Applicant was appointed as an Interim Resolution Professional of M/s. Perfect International Fabricators Private Limited by an order of this Tribunal on 29.04.2019 (i.e. one year after the last date for submission of claims viz., 27.05.2018). 7. It was submitted that the erstwhile Director of M/s. Perfect International Fabricators Private Limited had intimated to the Applicant that they had already submitted a copy of Claim to the Respondent, however it is stated that the erstwhile Director of M/s. Perfect International Fabricators Private Limited has been unable ....

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.... Heard the submissions made by the Learned Counsels for the Applicant. 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 is required to verify the claims within the time limits specified by the Board and in this connection referring to the relevant Regulations namely, IBBI (Liquidation Process) Regulations, 2016 and more specifically under Regulation 30, the Liquidator is 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 cas....