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2019 (10) TMI 375

..... HELD THAT:- The provisions of Section 42 of the IBC, 2016, stipulate that a Creditor may appeal to the Adjudicating Authority against the decision of the Liquidator either accepting or rejecting the claim within 14 days of receipt of the decision. The time period fixed appears to be mandatory for filing the appeal, and therefore the delay of 175 days cannot be condoned. Even otherwise, the cause shown in filing the appeal with the delay of 175 days does not appear to be a sufficient for seeking condonation of delay, as no medical certificate of any ailment is placed on record. The reasons given are general in nature and not supported with any documentary evidence. Therefore, no case is made out for condonation of delay of 175 days in filing .....

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..... nd the claim filed before the Liquidator on 04.07.2018 is within the period of limitation. 5. The Applicant has stated in MA/259/2019 that the Applicant during the period of August, 2018 to December, 2018 had been affected by jaundice and its relapse and added that the age related ailments have virtually immobilized him up to the 2nd week of February, 2019 and immediately on recovery from the ill-health, the Applicant approached the Counsel, who advised him to make an Application to this Tribunal for reviewing the unjust and unlawful decision of the Respondent/Liquidator and this appeal is filed after lapse of 175 days and prayed to condone the delay on the said ground(s). 6. In the reply, the Liquidator for the Company has stated that the .....

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..... scraps are available of a few lakhs but the liability is in crore(s) and even if the claim of the Applicant is admitted, there is nothing to pay to him, as the Liquidator is not even able to meet out the liquidation cost. The assets are already given as collaterals to the secured Financial Creditors, who have decided to opt out of the liquidation process. 9. The provisions of Section 42 of the IBC, 2016, stipulate that a Creditor may appeal to the Adjudicating Authority against the decision of the Liquidator either accepting or rejecting the claim within 14 days of receipt of the decision. The time period fixed appears to be mandatory for filing the appeal, and therefore the delay of 175 days cannot be condoned. Even otherwise, the cause sh .....

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