2021 (4) TMI 1277

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.... set aside the impugned order passed by the 2nd Respondent dated 17.03.2021 rejecting the claim of the Applicant; to condone the delay of 52 days (12.01.2021 to 04.03.2021) in submission of the claim by the Applicant before the 2nd Respondent in the liquidation process of the R-1 Company. Consequently direct the 2nd Respondent to verify, admit and process the claim of the Applicant dated 04.03.2021 etc. 2. Brief facts of the case, as mentioned in the Application, which are relevant to the issue in question, are as follows:     (1) Initially, C.P.(IB) No. 320/BB/2019 filed by M/s. Sir M Visvesvaraya Co-operative Bank Limited (Petitioner/Financial Creditor), U/s. 7 of the IBC, 2016, same was admitted by the Adjudica....

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....cted one of the Directors of the R-1 on 02.03.2021, to enquire about why the arrears due from the R-1 were not being paid by it. It was then that the Applicant was informed for the first time that the R-1 is undergoing liquidation process under the provisions of the IBC. Later, the Applicant visited the website of IBBI and thereby became aware of the Order of the Adjudicating Authority dated 02.12.2020, ordering for initiation of liquidation proceedings and appointing the R-2 as the liquidator of the R-1. Further, the Applicant became aware, for the first time that the R-2 had issued a Public Announcement on 11.12.2020, and the last date for submission of claims was 11.01.2021.     (4) Pursuant thereto and notwithsta....

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...., by inviting claims from creditors of CD in prescribed form with last date as 4th December, 2019 and also specified estimated date of closure of CIRP as 26th April, 2020. Subsequently exclusion/extension of time was granted by Adjudicating Authority, and having failed to get suitable Resolution Plan, the CD was placed under Liquidation process as early as on 2nd December, 2020. However, the Applicant pleading ignorance about the said developments, has in casual way awoke and responded only to public Announcement given under Liquidation process, by submitting its claim only on 04.03.2021, that too after last date was over by citing untenable grounds. The Liquidator, in his letter dated 17.03.2021, has rightly rejected the same by stating th....