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2023 (2) TMI 186 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHIRight of secured creditor to recover his dues (during liquidation proceedings) - Seeking direction to Appellant to make the payment of 1.84 Crores to the liquidation estate along with interest at the rate of 6% - whether the secured creditor’s claim has to be confined to the amount of principal and interest as claimed in Form D filed by the secured creditor or secured creditor in addition to the amount claimed in Form D can also claim further amount in the facts of the present case? HELD THAT:- In the present case, Liquidation Commencement Date is a date when the Adjudicating Authority passed the Order of Liquidation. Thus claim has to be with reference to the liquidation commencement date. The statute pegs the claim on a particular date for a purpose and object. When a claim is filed in Form D where interest and principal have been included up to the date of liquidation commencement date, claimants cannot be allowed to claim any further amount in addition to the amount which they have claimed in their Form D. The IBC contains particular statutory scheme under which Liquidation Process has to be undertaken. The claim of all stakeholders are claims invited by the Liquidator as per the Liquidation Regulation and after receipt of the claims, further steps have to be taken in accordance with the claims received. Permitting any claimant to increase his claim on any ground or reason will not be in accordance with the liquidation scheme as contemplated by the Liquidation Process, Regulations. The statutory scheme provides submission of claim on a liquidation commencement date which is a fixed connotation. When a statute provides for liquidation commencement date as a date up to which claims can be filed and proved, no claim thereafter can be entertained by the Liquidator. The amount of interest which was retained by the Appellant claiming to be interest in addition to the claim as filed by it in Form D till the date of realization of receipt of the sale, cannot be permitted to be retained by the Appellant and the Adjudicating Authority has rightly passed the order allowing application filed by the Liquidator to hand over the additional amount to the Liquidator. Learned Counsel for the Appellant submits that out of Rs. 1.84 Crores, amount of Rs. 20 Lakhs have already been paid. There are no error in the order passed by the Adjudicating Authority allowing an Application filed by the Liquidator - there is no error in the appeal - appeal dismissed.
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