Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (10) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (10) TMI 1346 - Tri - Insolvency and BankruptcySeeking impleadment of applicant as respondents - verification of claims of creditors - it is submitted that although the applicants are not added as a party in those applications, but during the course of hearing, several misleading statements were made by the Ld. Counsels for the ACRE and ITSL about the applicants - HELD THAT:- The conjoint reading of Section 18 & 25 of IBC shows that the duty of the IRP is to receive and collate all the claims submitted by creditors to him, pursuant to the public announcement made under sections 13 and 15 of IBC, 2016. Whereas the duty of the RP is to maintain an updated list of claims, which means, if the IRP has received and collated all the claims submitted by the creditors to him those claims can be updated by the RP as the duty cast upon the RP under Section 25(2)(e) of IBC, 2016, is to maintain an updated list of claims - When the different classes of creditors have submitted their claims as well as the proof of claims as referred to in Regulation 12 of IBBI Regulations, then the IRP or the RP is authorized under the law to verify the every claim within seven days from the last date of receipt of the claim, and thereupon maintain a list of creditors containing names of creditors along with the amount claimed by them and the amount of their claims admitted. It is further seen that as per Regulation 13 (2) of the IBBI Regulations, the IRP or the RP shall make a list of creditors available for inspection by the persons, who have submitted proofs of claim or by the members, partners, directors and guarantors of the corporate debtor - Since, the authorized representative is appointed under Section 21(6A) of the IBC, 2016 and his rights and duties are defined under Section 25A of IBC, 2016 referred, it is observed that under Section 21(6A)(b), the authorized representative is appointed, if the class of creditors exceeds the number specified under the law. Thus, the authorized representative shall have no role in receipt or verification of claims of creditors of the class, he represents. If the authorized representative shall have no role in receipt or verification of claims of creditors of the class, he represents, then the association or the allottees who come under the class of creditors, shall also have no role in receipts or verification of claims of creditors rather it is the IRP or the RP, who is to decide the claims submitted by the creditors. The ACRE and ITSL have filed the applications against the rejection of their claims by the IRP - the applicants in both the IAs under consideration are not a necessary party to the respective proceedings. Application dismissed.
|