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2021 (3) TMI 295 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - time limitation of insolvency resolution - applicant was unable to submit his claims within the stipulated time before the IRP/RP and is requesting for condoning the delay in filing the claims - HELD THAT:- It is the matter of record that on November 2, 2018 the Adjudicating Authority passed an order admitting the application filed under section 9 of the IB Code against the corporate debtor and public announcement was made in compliance of the provision of the IB Code inviting claims from the creditors/stakeholders, if any, or as the case may be. It is also a matter of record that the corporate debtor owes liability towards L&T Finance Ltd., and the same has been assigned to Kotak Mahindra Bank Ltd. (present applicant) - Hence, taking the plea that the applicant had no knowledge of the CIRP cannot be believed upon since the applicant has purchased the liability from L&T Finance Ltd. On perusal of the record, it is found that the applicant has approached the IRP on April 18, 2020 where the resolution plan was already passed on March 19, 2020. Under such circumstances, when the IRP/RP has already been discharged, definitely he will show his inability to accept the claim. Furthermore, the instant application is filed on August 14, 2020 on such a belated stage when the corporate debtor has already been acquired by the successful resolution applicant in due process of law. Hence, the total process cannot be reversed as there is no such provision under the IB Code. Moreover, the CIRP was completed in a time bound manner. It is pertinent to mention herein that as per the legal principle of Indian Contract Act, 1872, i. e. "caveat emptor", it is the applicant's/buyers' duty to be aware of his responsibilities. Mere plea of ignorance or playing blame game will not aid in reaping the desired results. Further, in number of cases, the courts have taken the view that insolvency resolution is a time bound process and it needs to be completed within the stipulated period - the applicant is not maintainable and hence, is rejected.
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