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2021 (10) TMI 815 - Tri - Insolvency and BankruptcySeeking to condone the delay of 18 days in preferring the Appeal - Section 42 of IBC, 2016 - HELD THAT:- As against the rejection of the claim, Section 42 of I & B Code, 2016 provides for a time window of 14 days upon receipt of such decision to the creditor to file an appeal to the Adjudicating Authority against the said decision of the Liquidator - Filing of the claim with the Liquidator during the Liquidation process within the time period stipulated thereunder is a mandatory requirement under the IBC, 2016 and also it must be noted here that the mere entry of debt in the books of accounts of the Corporate Debtor is also not evidential enough for the claims to be admitted and considered by the Liquidator. The Liquidation is a time bound process and the Liquidator is being made accountable and required to explain, if there is any delay caused in the liquidation process - the Hon'ble Supreme Court in Gaurav Hargovindbhai Dave Vs. Asset Reconstruction Company (I) Ltd. & Another [2019 (9) TMI 1019 - SUPREME COURT], in relation to the aspect of limitation has restated the well established and well settled principle that "there is no equity about limitation", we are unable to entertain this Application. In view of the IBC, 2016 being a time bound process as well as the Learned Liquidator being under a compulsion to complete the liquidation process within a period of one year from the date of commencement of liquidation, the application stands dismissed.
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