TMI Blog2019 (7) TMI 1020X X X X Extracts X X X X X X X X Extracts X X X X ..... me under the ambit of Financial Creditor, even if the claim of the Applicant is accepted by the RP that does not affect the Corporate Insolvency Resolution Process. The Resolution Professional has not considered the claim of the Applicant simply on the ground that the claim was submitted beyond 90 days. The Resolution Professional has not decided the claim on merits whether the claim is to be admitted or to be rejected. The Resolution Professional has not gone into this question because he considered that the claim filed by the Applicant was beyond 90 day from the date of admission of the Petition it is an undisputed fac Applicant submitted claim beyond 90 days. However, Regulation 12(2) of IBBI (Insolvency Resolution Process for Corpora ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ocess for Corporate Persons) Regulations, 2016. 2. The averments made in the Application are as follows : (a) It is averred that under a Loan Agreement dated October 9, 2010 an aggregate sum of ₹ 7,00,00,000/- (Rupees Seven Crores only) was disbursed to Corporate Debtor carrying with interest at the rate of 21 per cent p.a. along with an additional 6 per cent p.a. for each additional day of delay. The Corporate Debtor has paid the interest due to the Applicant in terms of the Loan Agreement until April 30, 2011. Thereafter, Corporate Debtor admittedly failed to repay the loan amount and the interest due. (b) It is averred that under another Loan Agreement dated January 15, 2011 an aggre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ial creditor of Corporate Debtor. (f) It is averred that the Resolution Professional by email dated February 8, 2019, rejected the Applicant s Claims on the grounds that more than 90 days had passed since the Insolvency Commencement Date. 3. Heard Counsel for Applicant and Resolution Professional. 4. Resolution Professional reported no counter. 5. One of the Creditor of the Corporate Debtor filed the present Application under Section 60(5) of the Code read with Rule 11 of NCLT Rules, 2016 for seeking Condonation of delay of 34days in filing claim before Resolution Professional. 6. In order to prove his claim the Creditor has relied on Exhibit-C to Exhibit-G filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on or before the ninetieth day of the insolvency commencement date.] (3) Where the creditor in sub-regulation (2) is a financial creditor under regulation 8, it shall be included in the committee from the date of admission of such claim: Provided that such inclusion shall not affect the validity of any decision taken by the committee prior to such inclusion. 10. As per the Regulation 12 the claims of creditors has to be submitted to the Resolution Professional on or before 90th day of Insolvency Commencement Date. The Present applicant failed to submit the claims before Resolution Professional with in time prescribed and stated reasons for non-submission of claims in time. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l informed the Applicant through E-Mail about the submission of claim in Form-C. After receipt of E-mail the Applicant has taken steps for submission of claim. 15. The Resolution Professional rejected the claim of the Applicant only on the ground the claim was not submitted within 90 days of the insolvency commencement date. The Applicant stated reasons for non-submission of claims within time. The Applicant is not aware of submitting Form -C to the Resolution Professional. The CIRP of Corporate Debtor is still pending. The Applicant claiming that it will come under the ambit of Financial Creditor, even if the claim of the Applicant is accepted by the RP that does not affect the Corporate Insolvency Resolution Process. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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