9911796707
TMI Blog2019 (7) TMI 1142X X X X Extracts X X X X X X X X Extracts X X X X ..... ss for Corporate Persons) Regulation, 2016 (in short, Regulations of 2016) challenging the order of rejection of the claim submitted by the applicant, namely, Good Wood Products seeking the following reliefs: "a. This Hon'ble Tribunal may kindly set aside the communication dated 26.11.2019 sent by the IRP to the Applicant and direct the IRP to take on record and consider the proof of claim submitted by the Applicant on 24.11.2018 as a valid proof under in the insolvency resolution process of Corporate Debtor. b. This Hon'ble Tribunal may kindly pass any other order as may be deemed fit and proper in the facts of the case." 2. CP.(IB) No. 02/2016 is a petition filed under Section 7 of the Code of 2016 by IDBI Bank Limited/Financial Cred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ort, CoC) and not within 90 days from the date of initiation of CIRP. Therefore, the IRP has failed to apprise the applicant and arbitrarily rejected the claim submitted by the applicant in Form B and the rejection of the claim by the IRP is, therefore, against the provisions of the Code and Regulations. Hence, the communication issued to the applicant on 26.11.2018 is to be set aside. The learned counsel for the applicant submitted that if the order of rejection is not set aside, the applicant would suffer irreparable injury and financial loss. Further, if the application is not allowed the grievance of the applicant would be left unanswered by the Adjudicating Authority. 6. Heard Mr J. Singh, learned counsel for the applicant and Ms. M. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2(2), a creditor shall submit its claim with proof on or before the last date mentioned in the public announcement. As per the public announcement dated 04.05.2018, the last date of submission of claim as per the public announcement was 16.05.2018. Admittedly, the applicant submitted its claim (Annexure-A/1) on 20.11.2018 long after the last date fixed for submission of claims by the claimants. This application is seen filed on 04.02.2019. 9. The RP in the case in hand seems to have completed the process within the stipulated period and the resolution plan approved by the CoC was filed before the Adjudicating Authority and the Adjudicating Authority, vide order dated 07.12.2018, approved the resolution plan as per Section 31(1) of the Code ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssional or the resolution professional, as the case may be, on or before the ninetieth day of the insolvency commencement date." 12. So, as per the amended Regulation 12(2), which has come into force on 04.07.2018, the RP could not receive any claim submitted beyond 90 days after the CIRP begins. The CIRP begins in this case on 01.05.2018. Therefore, the submission of claim by the applicant on 20.11.2018 is no doubt beyond 90 days from 01.05.2018 when the CIRP has been initiated and, therefore, the rejection of the claim, applying Regulation 12(2) of the Regulations of 2016, is found perfectly legal and proper and the RP has not committed any error or illegality in rejecting the claim. Moreover, the resolution plan has been approved by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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