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2019 (7) TMI 1020 - Tri - Insolvency and BankruptcyCondonation of delay in filing claims before Resolution Professional - power of Tribunal to condone delay - Rule 11 of NCLT Rules, 2016 - Resolution Professional rejected the claim of the Applicant only on the ground the claim was not submitted within 90 days of the insolvency commencement date - HELD THAT:- The Applicant stated reasons for non-submission of claims within time. The Applicant is not aware of submitting Form -C to the Resolution Professional. The CIRP of Corporate Debtor is still pending. The Applicant claiming that it will come under the ambit of Financial Creditor, even if the claim of the Applicant is accepted by the RP that does not affect the Corporate Insolvency Resolution Process. The Resolution Professional has not considered the claim of the Applicant simply on the ground that the claim was submitted beyond 90 days. The Resolution Professional has not decided the claim on merits whether the claim is to be admitted or to be rejected. The Resolution Professional has not gone into this question because he considered that the claim filed by the Applicant was beyond 90 day from the date of admission of the Petition it is an undisputed fac Applicant submitted claim beyond 90 days. However, Regulation 12(2) of IBBI (Insolvency Resolution Process for Corporate Persons Regulations, 2016 provides that claims by creditors to be filed within 90 days from the date of commencement of insolvency. This Application is filed seeking condonation of delay in submitting the claim before the Resolution Professional. I am satisfied with the reasons given for the delay. The CIRP is pending. Therefore, delay can be condoned but it is for the Resolution Professional to decide whether claim to be admitted or not - The delay in submitting the claim by Applicant/creditor is condoned and Resolution Professional to decide accordingly to law whether the claim submitted by the Applicant to be admitted or not. Application allowed.
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