Post-liquidation regulatory creditor claim based on later adjudication order rejected under IBC, per Regulations 12-13 freeze

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....Whether a regulatory authority's operational creditor claim, arising only after liquidation commencement, could be admitted in liquidation was decided by construing IBC read with Liquidation Process Regulations. Regulations 12 and 13 peg submission/updation of claims and estimation of liabilities strictly "as on the liquidation commencement date," reflecting a statutory freeze of claims and liabilities on that date and excluding post-commencement crystallisation. Since the asserted liability arose from an adjudicatory order passed after liquidation commencement, the liquidator lacked statutory authority to entertain it, and the adjudicating forum rightly affirmed rejection. The appeal challenging non-admission of such post-commencement claim was dismissed. - NCLAT....