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2021 (7) TMI 815 - AT - Insolvency and BankruptcyLiquidation process - duty of liquidator to determine claim as submitted in Form G by “Other Stakeholder” - counter claim being made by the Corporate Debtor was rejected - HELD THAT:- As per Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016, the Liquidator was required to process the claims submitted in Form ‘G’ by the Appellant as claim by “Other Stakeholder”. Regulation 20 provides for processing of claims by other stakeholders and the Appellant was required to prove its claim inter alia on the basis of relevant documents which adequately establish the claim. Under Regulation 23, the Liquidator has power and duty to call for such other evidence or clarification as he deems fit from a claimant for substantiating the whole or part of its claim - Regulation 28 even makes provisions for contingencies where debt is payable at future time and Regulation 29 provides for Mutual Credits and set-off. The Liquidator has avoided performing the duty as was required to be performed under the ‘I&B Code’ and the Regulations. We accept the submission of the Learned ASG that the Liquidator was required to look into the Award of Adjudicator and look into the documents and come to the ‘best estimate’ and give the benefit to the Appellant. The Liquidator is directed to take steps as mentioned in this judgment and process claim of the Appellant as ‘other creditor’ and arrive at best estimate of the amount of claim made by the Appellant and give the necessary benefit to the Appellant - appeal disposed off.
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