2022 (10) TMI 199

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....ion is filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 by Devdeep Cotton Industries (herein referred as "Applicant"); and Sh. Nipan Bansal, Resolution Professional of M/s. KSM Spinning Mills Limited (herein referred as "Respondent"). 2. The applicant has prayed that late submission of the claim may be condoned and the respondent-RP is directed to consider, accept and include Form B in the list of operational creditors along with the amount of interest. 3. The present interlocutory application states that the applicant being unaware of due process of submitting its claim, could not submit it in required Form B before the last date of submission of claim, which was 31.12.2019 as mentioned in Form A of Public Announ....

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....No. 99 of 2018 dated 25.01.2019; (ii) Hon'ble NCLAT in the matter of M/s. Prasad Gempex Vs. Star Agro Marine Exports Pvt. Ltd. & Ors. and SREI Infrastructure Finance Ltd. Vs. Kannan Tiruvengandam (R.P.) & Anr. (Company Appeal (AT) (Insolvency) Nos. 291 & 591 of 2018); and (iii) Hon'ble NCLAT in the matter of M/s. Dynepro Private Limited Vs. Mr. V. Nagaranjan (Company Appeal (AT) (Insolvency) No. 229 of 2018) dated 30.01.2019 8. The respondent-RP has placed reliance on the decision of Hon'ble NCLAT in the case of Mukul Kumar RP of KST Infrastructure Ltd. Vs. M/s. RPS Infrastructure Ltd. order dated 30.07.2021, in which these issues have been discussed in detail and has observed as under:- "34. With t....

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....o that a prospective resolution applicant knows exactly what has to be paid in order that it may then take over and run the business of the corporate debtor. This the successful resolution applicant does on a fresh slate, as has been pointed out by us hereinabove. For these reasons, the NCLAT judgment must also be set aside on this count." 10. It is an established position that the Resolution process is a time-bound one, and any action resulting in delay of the process, and consequent loss in value of the assets of the CD, is against the objectives of the Code. In the present case, the delay in filing of the claims have been way beyond the approval of the resolution plan by the COC. Any acceptance of such delay will violate the basic ten....