Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2021 (2) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (2) TMI 1268 - Tri - Insolvency and BankruptcySeeking to direct the Liquidator to accept the claim submitted by the Applicant and treat the Applicant as a secured financial creditor - rights and privileges of a secured financial creditor under the Insolvency and Bankruptcy Code, 2016 - reconstitution of SCC within 7 days from the date of disposal of this Application - HELD THAT:- The object of the Code is to see that the CIRP Process/Liquidation process is to be continued in a time-bound manner as prescribed in the Provisions of the Code and Rules made there under. The CIRP and the Liquidation process, if not completed within the stipulated period, the object of the Code will be defeated. The contention of the learned Senior Counsel for the Applicant that the Applicant can avail opportunity with reference to Public Notification issued by Liquidator, even though its claim was rejected during CIRP by IRP/RP, is not correct and not tenable. While it is true that all claimants, which include claimants during CIRP, have to make/reiterate their claim again to Liquidator, but old claimants will reiterate their claim made earlier in CIRP, and fresh claimants, who have not availed opportunity during CIRP, can make their claim - the Liquidator cannot ignore the decisions taken by IRP/RP and reverse them except any new development takes place in such claims. Moreover, there cannot be two claims in respect of same debt. It is not in dispute that RP, as early as on 3rd March, 2020 replied to the Applicant stating that its claim has been updated on the website of the Corporate Debtor and stand rejected. Since the Liquidator has accepted the claims of Allottee in question, the Applicant cannot ask to replace them, that too without impleading those allottees in the instant Application. The Respondent has considered the case of Applicant and rejected its case with cogent reasons and thus the impugned rejection cannot be found fault with. The Applicant, admittedly has right against the allottees in question to proceed basing on various documents executed between the parties - the Applicant failed to make out any case so as to interfere in the impugned action of Respondent. Application dismissed.
|