2025 (12) TMI 1468

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.... liabilities that were arrived at on the basis of various assessment orders rendered in respect of the assessment years from 2003-2004 onwards till 2016-2017. However, at this stage, we are not required to undertake a detailed analysis of the implications of the CST assessment orders, the interest payable thereon, or the quantum of amount that would fall due to be paid by the Corporate Debtor, namely M/s. Sri Nagananthana Mills Limited. 2. The facts that can be derived from the records are that the Learned NCLT, Chennai, in proceedings conducted in CP/611/IB/2017, placed the Corporate Debtor into liquidation by an order dated 21.06.2018. Pursuant to the commencement of the liquidation process, which commenced on 21.06.2018, the Applicant....

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....lant within the prescribed time. Instead, at a belated stage, the Appellant chose to file an application seeking to set aside the order dated 17.02.2020 on the grounds mentioned therein. 5. The application so preferred was an Interlocutory Application under Section 42 of the I & B Code, 2016, filed on 19.07.2023, wherein the Appellant sought the following reliefs: "In these circumstances, it is therefore prayed that this Hon'ble Tribunal may be pleased to set aside the Order dated 17/02/2020 passed by the 1st Respondent rejecting the claim of the applicant to the tune of Rs. 1,70,15,094/- and direct the 1st Respondent to receive all the documents relating to the claim filed by the Applicant ad thus render justice". 6. This ap....

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.....2018. At that stage itself, the Appellant ought to have approached the liquidator by submitting the claim in compliance with the public notice. However, the claim was submitted with a delay of 351 days and was therefore rejected. Even earlier also, when the Appellant filed MA No. 801/2019 in CP/611/2017 seeking condonation of delay in submission of the claim, the claim was found to be beyond the prescribed period. Form C was ultimately submitted only on 12.02.2020, and the claim was rejected on 17.02.2020 on the ground that it was not in the prescribed format and was barred by limitation under Regulation 16(1) of the Liquidation Process Regulations, 2016. 9. Aggrieved by this rejection, the Appellant filed IA(IBC)/1463/2023 and IA(IBC)/....

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....d documents to establish that the stage under Section 53 had already been crossed, rendering any interference impermissible. The Learned Tribunal further relied upon the judgment in Deputy Commissioner Commercial Taxes (Audit), Raichur v. Surana Industries Ltd. (In Liquidation) & Anr., Company Appeal (AT) (Insolvency) No. 1525 of 2019 dated 07.02.2020, to reiterate that limitation is pivotal in liquidation proceedings and that, time is the essence of the I & B Code and since Regulation 44(1) mandates completion of liquidation within one year, once finality is attained, the process cannot be reopened even on equitable considerations. 13. Thus, on account of the very manner and diligence with which the Appellant has taken up the proceeding....