Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (4) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (4) TMI 1259 - Tri - Insolvency and BankruptcySeeking direction to the Liquidator to accept the claim of the Appellant as “other creditor” of the Corporate Debtor - seeking condonation of delay of 90 days in preferring the instant appeal arising from the rejection of the claim Submission on behalf of the Appellant - HELD THAT:- The two contracts dated 14.05.2013, bearing Contract No. CS-0370-162C-2- FCCOA-0015 and Contract No. CS-0370-162C-2-SC-COA-0016 are still subsisting and the same having been terminated by any mode is nobody’s case. Au contraire, it is Appellant’s own case that in the month of July 2019, the Liquidator had signed a “program” with the Appellant for supply of balance materials and execution of site works within a timeline in order to keep the Corporate Debtor a going concern - the claim of the Appellant is in contemplation of an event where the Corporate Debtor does not receive a bid as a going concern. Admittedly, there has been delay in execution of the contract, the blame of which is being laid on the other party by the either side. However, the delay in execution of the said contract cannot form basis of a claim of such nature in a proceeding such as this, especially when such claim is contingent on Corporate Debtor not being sold as a going concern - furthermore, allowing the claim of the Applicant when the said contracts are still subsisting and the performance of which are underway would mean that the Appellant gains out of the contract by way of its performance as well as in the form of claim realised out of liquidation estate. The Appellant cannot have the cake and eat it too. The prayer of the Appellant for condonation of delay of 90 days in preferring the instant appeal arising from the rejection of the claim of the Appellant by the liquidator becomes infructuous - Application dismissed.
|