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2022 (9) TMI 1066 - AT - Insolvency and BankruptcyConsideration and acceptance of claim filed by the Respondent as a Financial Creditor in Form-C to the Committee of Creditors (CoC) - consideration of reconstitution of the CoC - HELD THAT:- The Respondent did not file the claim before the RP during CIRP period therefore, there was no question of considering the same by the CoC at such a belated stage - The Hon’ble Supreme Court in GHANASHYAM MISHRA AND SONS PRIVATE LIMITED THROUGH THE AUTHORIZED SIGNATORY VERSUS EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED THROUGH THE DIRECTOR & ORS. [2021 (4) TMI 613 - SUPREME COURT], the Hon’ble Supreme Court held that the resolution plan approved by the Adjudicating Authority shall also be binding on the Central Government, any State Government or any local authority to whom a debt is owed in respect of payment of dues arising under any law for the time being enforce, such as authorities to whom statutory dues are owed, including tax authorities. However, in the present case, an application for approval of plan was pending before the Adjudicating Authority and the Adjudicating Authority vide the impugned order disposed of the said I.A. and against the same an appeal is also pending before this Tribunal, in which the matter was heard and Reserved for Orders - this Tribunal finds that the Claim of the Respondent is belated and cannot be considered and the finding of the Adjudicating Authority in directing the Appellant / RP to place the Claim of the Respondent in Form-C before CoC per se illegal and unsustainable. Accordingly, the point is answered against the Respondent. Whether the Resolution Professional has power to admit the Claims suo-motu? - HELD THAT:- The I & B Code, 2016, prescribes the duties to be performed by the Interim Resolution Professional and Resolution Professional as per Section 18 and Section 25 of the Code. The IBBI CIRP Regulations prescribed the procedure to be adopted followed. As per Chapter IV Regulation 7 the claims by Operational Creditor to be submitted with proof to the IRP in Form-B and as per Regulation 8 of the Regulations the Financial Creditors shall submit the Claims to the IRP in Form-C. After receipt of claims, the IRP shall verify the Claims in accordance with Regulation 13 and the IRP maintained list of creditors containing Names of Creditors along with the amount claimed by them, the amount of their Claims admitted and the Security Interest, if any, in respect of such claims. There is no such provision that the IRP shall admit the Claim without filing a Claim either in Form-B or in Form-C. Therefore, this Tribunal, is of the view that the IRP suo-motu cannot admit the Claims without their being a Claim by the Claimants viz. Operational Creditors, Financial Creditors and the Claims by other Creditors. Every Claim shall be submitted by the ‘Claimant’ with proof. Accordingly, the issue is answered. This Tribunal comes to a resultant conclusion that the Order passed by the Adjudicating Authority is per se illegal and unjustifiable - Appeal allowed.
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