9911796707
TMI Blog2019 (8) TMI 1585X X X X Extracts X X X X X X X X Extracts X X X X ..... ad with rule 11 of NCLT Rules for seeking relief to condone the delay in filing their claims and direct the Resolution Professional to admit the claims of the Applicants. 2. The averments made by the Applicant: a. It is averred that the Applicant came to know about the admission of the present company petition only on 15.06.2019 from certain employees of the Corporate Debtor. As the Corporate Debtor does not appear to have any website, and the public announcement of the initiation of the CIRP does not find place in the website of the IBBI, the Applicant could not know of the admission of the present petition. b. It is averred that the Applicant was also not aware of the Resolution Professional publishing the notification calling for th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ttee of Creditors ("CoC"), with 100% voting in the Tenth meeting held on 31st May 2019. Furthermore, the Respondent has preferred an Application before this Hon'ble Adjudicating Authority under Section 30(6) of IBC bearing IA No. 439/2019 and the same is pending adjudication before this Tribunal. Such being the position, the instant Application is thoroughly misconceived, time-barred and redundant as regards the resolution of the Corporate Debtor under the provisions of IBC. iii. That this Tribunal vide order dated 06.09.2018 admitted the Application filed by M/s. Zheijang Tongxiang Foreign Trade (Group) Co. ("Operational Creditor"), thereby initiating Corporate Insolvency Resolution Process of the Corporate Debtor in terms of the pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... May, 2019, the members of the CoC voted and accorded approval with 100% votes in favour to the Resolution Plan proposed by the Successful Resolution Applicant. Copy of the minutes of Tenth meeting of CoC dated 31st May, 2019 is annexed as ANNEXURE R-4. viii. That in terms of Regulation 12 of Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ("CIRP Regulations") a creditor shall submit its claim with proof on or before the last date mentioned in the public announcement and in case where a creditor fails to submit claim with proof within the time stipulated in the public announcement, may submit the claim with proof to the Resolution Professional on or before the ninetieth day ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Insolvency Resolution Professional by incorporating the information indicated in Section 15(1). It also includes that the public announcement shall contain the last date of submission of claims. There is no provision in the Parliamentary Statute i.e. Insolvency & Bankruptcy Code for extending the period beyond the last date for submission of claims. However, Insolvency & Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) regulations, 2016 vide regulation 12(2) has provided that a Creditor can submit the proof of claim even after the stipulated date mentioned in the public announcement. According to the provisions of regulation 12(2) such claim can be filed till the approval of a resolution plan by the Committ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... B.K Educational Services Private Limited in civil appeal No. 23988 of 2017 vide judgment dated 11.10.2018, wherein it has been clarified by the Hon'ble Supreme Court of India that Limitation Act is applicable on the provisions of IBC from its inception and if the default has occurred over three years prior to the date of application, it would be barred under Article 137 of the Limitation Act. Accordingly, the alleged claim of the Applicant, is clearly after expiry of period of limitation and thus liable to be rejected on this ground alone. xiv. That the time period for completion of CIRP in terms of Section 12 of IBC has expired on 03.06.2019. Therefore, there is no occasion for the Respondent herein to entertain the claim of the App ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
