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2018 (3) TMI 573

ay and direct the liquidator to reconsider the claim on its merits? - Held that:- On reading of Rules 177 and 178, of the Companies (Court) Rules, 1959 and reading section 40(1) of the Code, it appears that one more opportunity can be allowed to the claimant here in the instant case who failed in submission of its claim in time. But there is no undue delay though the reason for the delay in submission of the claim is found not at all satisfactory. Delay condoned. - Company Application (IB) NO. 31/KB/2018 And Company Petition (IB) NO. 3/KB/2017 - Dated:- 14-2-2018 - MR. JINAN K. R., J. For The Applicant : Supratim Laha, Bikash Shaw, Vinod Kumar Kothari, Ms. Rajarshi Dutta and Sourjya Roy, Advs. ORDER 1. This is an Appeal filed by one of the .....

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ever, because of the renovation and repair work that was going on in the premises of the appellant Bank where the records were lying, prompt and effective steps could not be taken by the Officers of the Appellant Bank who got hold of all the necessary documents that were required to be submitted along with the proof of claim and the Officers were able to trace out the records on 2-12-2017. Upon receipt of the documents on 4-12-2017, they submitted the proof of claim with the Liquidator as attachments to E-Mail dated 5-12-2017.The Liquidator rejected its claim vide reply E-Mail dated 8-12-2017. Aggrieved by the rejection, the Appellant filed this appeal. 6. The Ld. Liquidator has filed reply contending that he has considered and examined all .....

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ed for receipt of the claim. According to him, there is no provision in the Code enabling him to condone the delay and receive a claim hence he rightly rejected the belated claim. 10. On going through Regulation 12(2) of the Insolvency & Bankruptcy Code of India, 2016 (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, a claim can be considered by the resolution professional even after expiry of last date fixed in public announcement, i.e. till the approval of a Resolution Plan. But there is no similar provision in the Code or in the Regulation enabling the Liquidator in receiving a claim fixed in the public announcement. Therefore there is no infirmity or illegality in the order of rejection of the claim of the app .....

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nt of the liquidation process. 13. Thus no doubt the liquidator can receive it if filed within 30 days from the date of commencement of the liquidation process. Admittedly the appellant did not file the claim in time. Then the question is whether he can reject the claim only on account of delay and with out following section 40(1) of the Code. Section 40 (1) and (2) read as follows: Section 40(1) : The liquidator, may, after verification of claims under section 39, either admit or reject the claim, in whole or in part, as the case may be : Provided that where the liquidator rejects a claim, he shall record in writing the reasons for such rejection. 40. (2). The liquidator shall communicate his decision of admission or rejection of claims to .....

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ntitled to disturb the distribution of any dividend declared before his debt was proved by reason that he has not participated therein. 18. On reading of Rules 177 and 178, of the Companies (Court) Rules, 1959 and reading section 40(1) of the Code, it appears to me that one more opportunity can be allowed to the claimant here in the instant case who failed in submission of its claim in time. But there is no undue delay though the reason for the delay in submission of the claim is found not at all satisfactory. 19. At this juncture Ld. Liquidator cited a Judgment, T.R. Rajakumari v. Motion Picture Producers [1942] 1 MLJ 182 of Hon'ble Madras High Court for highlighting the power of this Tribunal in granting relief in the case of delay in .....

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