2023 (11) TMI 108

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....solvency) No. 1389 of 2023 - -<br>Insolvency & Bankruptcy<br>[ Justice Ashok Bhushan ] Chairperson , [ Mr. Barun Mitra ] Member ( Technical ) And [ Mr. Arun Baroka ] Member ( Technical ) For the Appellant : Advocate Pulkit Kapoor ORDER Heard Learned Counsel for the Appellant. 2. This Appeal has been filed against the Order dated 04.09.2023 passed by the Adjudicating Authority rejecting....

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....im has been filed with the RP on 04th October, 2022 whereas plan was already approved on 30th March, 2021 hence no direction can be issued. In paragraph 26 of the Order, following observations have been made: "26. It is not disputed even by the applicant that no claim was formally lodged with the RP within the timelines prescribed under Regulation 12 of the IBBI (Insolvency Resolution Pro....

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.... made to the law laid down by the Hon'ble Supreme Court Jaypee Kensington Boulevard Apartments Welfare Association and Ors. Vs. NBCC (India) Ltd. and Ors. 2021 Ibclaw.in 63 whereby it was held that due adherence to the timelines provided in the Code and related Regulations and punctual compliance of the requirements is fundamental to the entire process of resolution and if a claim is not made with....

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....d by the CoC and plan is pending for approval with the Adjudicating Authority, admission of any claim at this stage would jeopardize the whole CIRP process and on this short ground, the application deserved to be dismissed being without any merit." 5. Learned Counsel for the Appellant submits that since the Application for approval of Resolution plan is still pending before the Adjudicating Aut....