TaxTMI 
TaxTMI 
2026 (4) TMI 703
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....tion of the claim of the Appellant as raised by virtue of invocation of provisions contained under Section 60 of the I & B Code to be read with Rule 11 of the NCLT Rules, 2016, which he invoked for filing of IA No 750/2024. 2. The brief facts that engages consideration are that, the Appellant contends that, he has been the supplier of building and construction material, during the period in between 15.03.2016 to 15.03.2022, he claims to have supplied certain building materials to the Corporate Debtor by virtue of various purchase orders and invoices; He submits, that, as against the said invoices the Appellant has submitted the claim by way of Form B as filed on 09.12.2023, as per the contentions raised by the Appellant in the said claim, as preferred on 09.12.2023, the Appellant contended that during the said period, i.e., between 15.03.2016 to 15.03.2022, certain amount has fallen due to be paid, according to the Appellant, the total amount, which was actually payable by the Corporate Debtor was assessed by the Appellant was amounting to the tune of Rs. 12,91,57,698/- (Rupees Twelve Crores Ninety one Lakhs Fifty-seven Thousand Six Hundred and Ninety-eight Only). He submits tha....
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....process by virtue of an order passed on 08.09.2023, and issuance of a public announcement on 14.09.2023 itself, which has to be taken as to be the cut-off for the purposes of invitation of claims of the Creditors of the Corporate Debtor and admittedly in between the cut-off period as prescribed, in view of the public announcement of 14.09.2023, no claim was submitted by the Appellant in accordance with the timeframe stipulated under Regulation 7 of Regulations of 2016, which prescribes for the modalities for the purposes for the submission of the claim and it also prescribes the time period, within which the claim should have been raised by the Operational Creditor as the provisions contained under Regulation 7 of Regulations of 2016, which is to be read along with Regulation 9A of Regulations of 2016. 5. For the purposes of substantiating the claim as it stood submitted by the Appellant on 09.12.2023, in the shape of Form B, Appellant claimed a total amount, which was stated to be payable was to the tune of Rs. 16,97,05,959/- (Rupees Sixteen Crores Ninety-seven Lakhs Five Thousand Nine Hundred and Fifty-nine Only). Upon the receipt of 'Form B' by the Resolution Professi....
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....ppellant that there was no amount payable to the Appellant, as it were never attempted to be established to be due to be paid. 8. If the contents of the said communication are taken into consideration, the Resolution Professional, has specifically made an assertion that in the absence of there being a proof of claim as contemplated under Regulation 12 of Regulations 2016, which was required to be satisfied, for the purposes of consideration of the claim of the Operational Creditor, since there was no response received despite the public announcement and repeated emails the Resolution Professional rejected the claim by making an observation that, in the absence of the Appellant having provided the breakup claim under two heads, i.e., the claim against the unpaid invoices and the claim against the interest, and secondly, on account of failure to provide the supporting documents highlighting the terms and clauses of the charging interest, as agreed by the Corporate Debtor. Since those communications were not supplied to the Resolution Professional in pursuance to followup communication of 15.02.2024, of the Resolution Professional, where he observed that on corresponding scrutiny o....
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....plan received from the resolution applicant has already been approved by the CoC and the same has been filed with the Hon'ble National Company Law Tribunal, Bangalore Bench, seeking approval for the resolution plan." 12. In the entire memorandum of appeal, or the grounds, which has been taken by the Appellant herein, he had not raised any contentions in contradiction to the logic, which has been assigned by the Resolution Professional in its decision taken on 23.08.2024 for rejecting of the claim because of lack of verification and because of the stage at which the claim was solicited to be considered by the Appellant and that was denied to be considered because the plan was already placed before the Ld. Adjudicating Authority for its consideration for approval. 13. Hence, the logic, which has been assigned by the Resolution Professional that since the claim in itself was a belated claim and besides due to non- satisfaction of the supporting evidence which was required to be furnished in accordance with the stipulations contained under the regulations, the same was denied to be considered. What could be culled out is that, in the absence of the Appellant not making any av....
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....mplications contained under Regulation 12(1) and Regulation 13(1-B), in fact, according to the datas, which are available on record, the Appellant has to shoulder the responsibility upon himself for not responding and furnishing the details of the claim in order to enable the Resolution Professional to verify the same in accordance with the provisions contained under Regulation 13 of Regulations of 2016, as to enable to verify the same and more particularly, when the claim raised by the Appellant in his Form B, as submitted on 09.12.2023, the same could not be collated with the books of account of the Corporate Debtor, which could have substantiated the entitlement of the Appellant in the capacity of him being the Operational Creditor entitling him to receive the claim as raised by him in Form B. 17. Having heard the Ld. Counsel for the Appellant and peruse the records, we find that the Appellant in the entire memorandum of appeal has not raised any contentions to the contrary qua the rejection of claim as made by the communication of 23.08.2024, as well as, has not raised any plea or produced any evidence to the contrary, as to whether he had timely responded to the communicati....