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2019 (7) TMI 1142 - Tri - Insolvency and BankruptcyAdmissibility of petition - Initiation of Corporate Insolvency Resolution Process - Corporate Debtor - IRP rejected the claim on the ground of violation of Regulation 12(2) of the Regulations of 2016 and that the proof of claim had been submitted more than ninety days after the insolvency resolution process date - HELD THAT:- As per the amended Regulation 12(2), which has come into force on 04.07.2018, the RP could not receive any claim submitted beyond 90 days after the CIRP begins. The CIRP begins in this case on 01.05.2018. Therefore, the submission of claim by the applicant on 20.11.2018 is no doubt beyond 90 days from 01.05.2018 when the CIRP has been initiated and, therefore, the rejection of the claim, applying Regulation 12(2) of the Regulations of 2016, is found perfectly legal and proper and the RP has not committed any error or illegality in rejecting the claim. Moreover, the resolution plan has been approved by the Adjudicating Authority on 07.12.2018. Therefore, an application of this nature cannot be entertained as this Adjudicating Authority has no power to reopen the resolution process which has already been closed. Therefore, the remedy available to the applicant is lying elsewhere. This application deserves an order of dismissal - Application dismissed.
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