2026 (4) TMI 75

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....y requires consideration in the instant Company Appeal. The Appellant, puts a challenge to the impugned order of 11.03.2024, that was rendered by the Learned NCLT, Chennai Bench in TCP/575/IB/CB/2017, whereby the Learned Tribunal by the impugned order of 11.03.2024, while adjudicating upon the Interlocutory Applications preferred by the Appellant being IA(IBC)/1571(CHE)/2023, IA(IBC)/1572(CHE)/2023 & IA(IBC)/1573(CHE)/2023 had rejected the application IA(IBC)/1573(CHE)/2023 preferred under Section 42 of the I & B Code, on the ground that the said application has been filed with more than 600 days of delay and the application IA(IBC)/1572(CHE)/2023, preferred by the Appellant seeking condonation of delay does not contain any reasonable cause....

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....ck to Joint Commissioner (ST). 6. Further, a Surprise Inspection was initiated for the financial years 2010-11 to 2014-15 at the registered places of the business of the Corporate Debtor, and the report was submitted on 29.05.2017, based on which notices were served on various dates to the dealer (Corporate Debtor). At that point, the Appellant came to know that the company has been classified as NPA on 21.10.2013, that the bank has initiated action under SARFAESI on 02.01.2015, and that the unit was under their physical possession. 7. Meanwhile, the Corporate Debtor was placed into the CIRP, by an order of the Adjudicating Authority dated 05.10.2017, and consequently, due to the non-receipt of suitable resolution plans, it was later ....

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....r of rejection of the claim by the liquidator on 22.07.2021, the Appellant preferred IA(IBC)/1571(CHE)/2023, by filing the same before the Learned Adjudicating Authority on 30.05.2022, praying for to set aside the rejection of the claim by the liquidator vide its order dated 14.08.2020 and 29.07.2021, on the grounds that because of pendency of Writ Petitions before Hon'ble High Court and directions issued by the Hon'ble High Court in the said Writ Petitions, he had to re-do this assessment process and could complete the same and pass the assessment order on 27.02.2021 and could prefer the claim on 22.07.2021 and therefore the delay in submission in claim was due to pendency of Writ Petitions in Hon'ble High Court and the time required to co....

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....ve been given in the Application to explain the delay and that since the delay was even beyond the exclusion period provided by Hon'ble Apex Court on account of Covid-19 situation, there is no merit in the application to condone the delay. The Learned Tribunal has also observed that since liquidation proceedings have been completed, including distribution of the proceeds, there is nothing available to distribute. 11. The controversy could be looked into from the perspective that, I & B Code, contemplates that the process of CIRP has had to be completed in a time-bound fashion, and that in all proceedings, time is the essence. Since the claim itself was invited on 15.06.2018, by public announcement and the same was submitted by the Appell....