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2018 (12) TMI 1821 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Declaration of insolvency commencement date - whether the insolvency commencement date is August 9, 2017 or August 9, 2018? - HELD THAT:- In the case on hand, the Adjudicating Authority in the admission order itself appointed the IRP, that was made on March 9, 2017 - The hon'ble Supreme Court of India in [2018 (8) TMI 661 - SUPREME COURT ] clearly said that the recommencement of the resolution process is from the stage of appointment of IRP by the order dated August 9, 2017. Therefore, a conjoint reading of section 5, sub-section (12) and section 16 and the order of hon'ble Supreme Court clearly goes to show that the insolvency commencement date in this case, is August 9, 2017. This Authority is of the considered view that reviving the period prescribed under the statute by another 180 days commencing from August 9, 2018 cannot be equated with insolvency commencement date. The IRP is not at all prevented from taking claims. But the claim amounts should be calculated taking August 9, 2017 it being the insolvency commencement date as the cut-off date. Once the insolvency process commences from August 9, 2017 the claim amounts have to be verified as on August 9, 2017. Although the claims were received after August 9, 2017 or after August 9, 2018. This Authority is of the considered view that the insolvency commencement date, i.e., the cut-off date for calculating the quantum of claim amounts for all types and classes of creditors is August 9, 2017.
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