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2022 (2) TMI 1015 - AT - Insolvency and BankruptcyRecovery of dues - Appellant prays for considering the claim filed by the Appellant with a Liquidator as a distribution out of the assets of the ‘Corporate Debtor’ is yet to be made - allotees/home buyers - Financial Creditors or not - HELD THAT:- It is to be pointed out that I&B Code, 2016 envisages a time frame for completion of the Insolvency Resolution Process in a time bound manner. The CIRP and the ‘Liquidation Process’ are to be completed within the specified time period. Further, in the instant case, the Appellant when it questions the determination of the Liquidator dated 05.09.2020 to the effect that the Appellant/Applicant is not a ‘Financial Creditor’, then, as per Section 42, in respect of the accepting or rejecting the claim, an ‘Appeal’ is to be preferred against the decision of the ‘Liquidator’ to the ‘Adjudicating Authority’ within 14 days of the receipt of such decision. However, the ‘Appellant’ has not availed the remedy of preferring an ‘Appeal’ against the decision of ‘Liquidator’ in terms of Section 42 of the I&B Code. Power of Tribunal - HELD THAT:- A ‘Tribunal’ can interfere where the Liquidator has not exercised his discretion in a bona fide manner or he was proposing to do an act which no reasonable or prudent person will do. A ‘Liquidator’ as an ‘Officer of the Tribunal’ is to act justly and fairly while dealing with an individual who has an adverse claim to his own and does not stand on his right either in equity or in Law, as opined by this Tribunal. Jurisdiction of Adjudicating Authority - HELD THAT:- In the present case, the rejection of the claim was duly communicated to the Appellant through Email dated 02.09.2020. The ‘Appellant’ had not questioned the rejection of the Resolution Professional in rejecting the claim of the ‘Appellant’. It cannot be forgotten that in the case on hand the Allottees had approached the Appellant/Applicant for the financial assistance which was disbursed by the Appellant as Loan amounts to the respective Allottees which was then disbursed by the Allottees to the ‘Corporate Debtor’. The Appellant has not subjectively satisfied this Tribunal that the money which it is claiming was disbursed to the ‘Corporate Debtor’ for time value of money as per Section 5(8) of the I&B Code. Undoubtedly, the Appellant in ‘Law’ has a valuable right to proceed against the Allottees in the light of numerous documents executed between them. The view taken by the ‘Adjudicating Authority’ in dismissing the aforesaid IA is free from any legal error - Appeal dismissed.
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