Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (6) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (6) TMI 273 - Tri - Insolvency and BankruptcyIssuance of necessary direction to the Resolution Professional for acceptance of the complete claim of the applicant - Creditor in a class - verification of claims cannot be done on the ground that the payment was made in cash and the books of accounts of the Corporate Debtor were not made available by the Suspended Board of Directors of the Corporate Debtor - Section 60(5)(b) of the Insolvency & Bankruptcy Code, 2016 - HELD THAT:- The Regulation 8A(2) of the IBBI Corporate Persons Regulation, stipulates the modes by which, the existence of debt due to a creditor in class may be proved. Further if the records are not available with an information utility, then it can also be proved by other relevant documents including an agreement to sale, letter of allotment, and receipt of payment made - Here in the case in hand, it is not the case of the applicant that he is not a creditor in a class. Only dispute is in respect of the quantum of payment made by him and in support of that he has filed the photo copy of the money receipts issued by the Corporate debtor. A liquidator under the law is empowered to admit or reject the claim in whole or in part and a time is also prescribed under Regulation 29 of the IBBI Liquidation Regulations to decide the claims, i.e. within 30 days from the last date of the receipt of the claims. The Regulation 29 (1) of the IBBI Liquidation Regulations says that within thirty days from the last date for receipt of claims, the Liquidator may either admit or reject the claim and Regulation 29(2) gives right to the creditor to file an appeal to the Adjudicating Authority against the decision of the liquidator under section 42 of the IB Code 2016 - the legislature has made a provision for appeal against the order of admission or rejection passed by the liquidator and there is no such provision of appeal in case of collation of claims by the IRP/RP is concerned. The applicant has duly submitted the claim supported with the relevant documents and money receipts issued by the Corporate Debtor but the RP has acted beyond the duty/power vested with him under the law - Application disposed off.
|