2021 (11) TMI 611

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...., J. According to the Learned Counsel for the Appellant/Applicant, instant Company Appeal(AT)(CH) (Insolvency) No. 255 of 2021 is filed by the Appellant/Applicant, being dissatisfied with the 'Impugned Order' dated 5th April, 2021 passed in I.A. No. 106 of 2021 in CP(IB) No. 320/BB/2019 (filed under Section 42 & 60 of the Insolvency & Bankruptcy Code, 2016 [ in short 'IBC'] read with Rule 11 of NCLT Rules, 2016) passed by the Adjudicating Authority (National Company Law Tribunal, Bengaluru, dismissing the said application. 2. The Learned Counsel for the Appellant/Applicant submits that I.A. No. 106 of 2021 in CP(IB) No. 320/BB/2019 was filed by the Appellant/Applicant before the Adjudicating Authority (National Company Law Tribunal, B....

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....ed on the reason that it was filed belatedly. Moreover, on 23.03.2021, I.A. No. 106 of 2021 in CP(IB) No. 320/BB/2019 was filed by the Appellant/Applicant (under Section 42 & 60 of the IBC) before the Adjudicating Authority seeking amongst other things, condonation of delay of 52 days for submission of claim before the Second Respondent. 6. The Learned Counsel for the Appellant takes a crystalline stand in the instant Appeal that on 05.04.2021, the Adjudicating Authority had passed the Impugned Order in dismissing I.A. No. 106 of 2021 in CP(IB) No. 320/BB/2019 based on the ground that the reasons mentioned for condonation of delay were untenable. 7. Advancing his argument, the Learned Counsel for the Appellant contends that a lenient ....

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....duties, the Applicant has failed to take any action at appropriate time to recover tax and they cannot wait for proceeding to be initiated by others under provisions of the Code. The Applicant has absolute independent right to initiate appropriate action to recover the tax in question but they have failed to discharge their duties. The reasons cited for delay in approaching the Liquidator are not at all tenable. And CIRP/Liquidation is time bound manner and it cannot be put on hold on continuous basis on receiving belated claims and considering them. We are convinced that the Respondent has followed extant provisions of law in continuing proceedings under the provisions of the Code, and the impugned order cannot be interfered with. Therefor....

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....informed for the first time that the 1st Respondent is undergoing liquidation process under the provisions of the IBC. Later that day, the Applicant visited the website of Insolvency and Bankruptcy Board of India of thereby became aware, for the first time, that this Hon'ble Tribunal had passed an order dated 02.12.2020 ordering initiation of liquidation proceedings as against the 1st Respondent as per the provisions of the IBC and also appointing the 2nd Respondent as the liquidator of the 1st Respondent. Further, the Applicant thereby became aware for the first time, that the 2nd Respondent had issued on 11.12.2020 a Public Announcement under Regulation 12 of Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016....