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2019 (8) TMI 878 - AT - Insolvency and BankruptcyCorporate Insolvency Resolution Process - claim initiated by the creditor before CIRP application by other creditors - claim including future liability - liability of consortium partners - According to the Appellant, the ‘Corporate Debtor’ time to time, defaulted in paying its share against calls raised by the Appellant during the period March 2016 to February 2017 - Operational creditors. HELD THAT:- From ‘I&B Code’, it is clear that on initiation of ‘Corporate Insolvency Resolution Process’ (after admission), the public announcement of the ‘Corporate Insolvency Resolution Process’ is made under Section 15. Thereafter, the ‘Interim Resolution Professional’ is empowered under Section 18(1) (b) to receive and collate all the claims submitted by creditors - The aforesaid claim(s) relates to the debt payable to a creditor(s) before initiation of the ‘Corporate Insolvency Resolution Process’ and do not relate to any amount payable during the ‘Corporate Insolvency Resolution Process’. For the reason merely on the ground that the future claim has not been collated by the ‘Resolution Professional’, the Appellant- ‘Bharat Petroresources Limited’ cannot assail the order of approval of plan (dated 25th July, 2018) passed under Section 31 of the ‘I&B Code’ - The ‘Operational Creditors’ and the ‘Financial Creditors’ having given almost same treatment, no interference is called for on the ground that ‘Gail (India) Limited’ has not been treated as ‘Operational Creditor’. Application disposed off.
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