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2021 (3) TMI 301 - Tri - Insolvency and BankruptcyRevision of claim towards salary after the approval of resolution plan - ledger does not show that such an increase of salary was credited every month to his salary account being the salary for each month - Whether the applicant is eligible to get the relief sought for in this application based on the documents produced by him as per the order dated 14.12.2020 by this Tribunal and whether the documents were submitted within the time prescribed in the order? - HELD THAT:- As per the Resolution Professional, the Applicant had submitted his claim by citing his salary as ₹ 12,05,000/- (Rupees Twelve Lakhs Five Thousand Only) per month from August, 2017 to April, 2019 and claimed the privilege leave, PF and gratuity by taking the said amount as base salary. However, during verification of records by the R.P, it was found that the salary due entries are not shown in the ledger of Mr. P Jayagovind (applicant) from FY 2017-18 onwards, in the books of the Corporate Debtor. For this purpose, he has relied upon the relevant records of the Corporate Debtor as well as the internal information shared with him while conducting the verification of the claim. Based on the same, he had re-computed the salary and allowances payable to the applicant (claimant) in view of the information available on record, which amounts to ₹ 91,10,085. But, an amount of ₹ 1,11,08,088/- is shown as paid in advance to Mr. Jayagovind as per the ledger data. The Claim submitted by the Applicant is silent on that aspect. Timely submission of documents with RP - HELD THAT:- The applicant should have submitted the documents sought for by the RP within 2 weeks from 14.12.2020. In the order in MA/177/KOB/2020, it was clearly stated that since the Resolution Professional (R.P) had already been received Resolution Plan from the prospective Resolution Applicant and the same is under consideration of the Committee of Creditors; the R.P was directed to explore all possibilities to settle the claim of the applicant and give a reply to the applicant before finalisation of the Resolution Plan. The 14 days from 14.12.2020 expired on 27.12.2020. However, the applicant has submitted his documents only on 28.12.2020. Being aware that the Resolution Plan is to be considered and got approved from the Adjudicating Authority; the applicant should not have waited till the last moment of convening the CoC. Furthermore, it is a well-established principle of law “Vigilantibus Et Non Dormientibus Jura Subveniunt” which means the law assists those who are vigilant with their rights, and not those that sleep thereupon. The Applicant had very conveniently decided to sleep over his right from the order dated 14.12.2020. It is only at this ripe stage when the CoC has already approved the Resolution Plan that the Applicant suddenly decided to make his claim again. Hence there is no error in not considering the claim of applicant submitted after the time allowed, that too after the CoC meeting. Application dismissed.
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