TMI Blog2021 (1) TMI 506X X X X Extracts X X X X X X X X Extracts X X X X ..... as the claims of secured Creditors run hundreds of Corers - It is also relevant to point out here that the claim in question start from the year 2014. It is settled position of law that proceedings under provisions of Code should be concluded in a time bound manner and allowing the instant claim would not serve any purpose, rather it would unnecessarily delay the process. Moreover, the Resolution Plan is already in the final stage, and is going to be decided very soon by the COC as per the submissions made on behalf of Respondents. Application disposed off. - I.A. No. 245/2020 in C.P. (IB) No. 220/BB/2018 - - - Dated:- 3-8-2020 - Rajeswara Rao Vittanala, Member (J) And Ashutosh Chandra, Member (T) For the Appellant : Sharanjith Shetty For the Respondent : Aashish Gupta, RP ORDER Rajeswara Rao Vittanala, Member (J) 1. I.A.No. 245/2020 in C.P. (IB) No. 220/BB/2018 is filed by Sri Surendra Kumar Pradhan, C.T. G.S.T. Officer ('Applicant'), U/s. 60(5) of IBC, 2016, R/w Rule 11 of the NCLT Rules, 2016, by inter-alia seeking to condone the delay in filing claim before the Resolution Professional; and to direct the Resolution Professional to admi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Authority of Cuttack under the erstwhile Orissa Sale Tax Act, 1947 and subsequently the said registration has been migrated to the Odisha Value Added Tax Act and ultimately to the Goods Services Tax (GST). The business activities of the Applicant within the State of Odisha has been provisionally assessed vide Order of assessment dated 18.02.2019 and 01.06.2019 passed under rule 12(1)(b) of CST (O) Rules, 1957 for the tax periods 01.07.2013 to 31.03.2014 and 01.10.2014 to 31.03.2015 respectively, thereby raising a tax demand of ₹ 5,65,054/- and interest of ₹ 3,44,033/- which in total comes to ₹ 9,09,087/-. Owing to failure of the Respondent to pay the said tax and interest dues, when the Applicant was going to take coercive steps for its recovery, the Applicant on 02.05.2020 received letter dated 14.03.2020 issued by the Resolution Professional intimating about the initiation of CIRP against the Respondent. (3) As per Regulation, the IRP had published the 'Public Announcement' in Form-A as stated above. However, the Corporate Debtor was conducting business operations and was having principal place of business operations and was having principal plac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the IBBI Regulation, 2016 is directory and not mandatory. (5) The Applicant has relied upon the following orders passed by the various other Benches of this Tribunal: a. Order dated 01.05.2019 20.05.2019 passed by the Hon'ble Principal Bench of the NCLT, New Delhi in CA-727(PB)/2019 CA-942(PB)/2019 respectively arising out of C.P. (IB) NO. 737(PB)/2018. b. Order dated 06.09.2019 passed by the Hon'ble NCLT, Hyderabad Bench in I.A. No. 601 of 2019 arising out of C.P.(IB)No. 275/7/HDB/2018. c. Order dated 06.06.2019 passed by the Hon'ble Principal Bench of the NCLT, New Delhi in CA-1083(PB)/2019 CA-1084(PB)/2019 arising out of C.P.(IB) No. 1083(PB)/2018. (6) In pursuant to the amendment of Section 31(1) of the IBC vide IBC (Amendment) Act, 2019 with effect from 16.08.2019 that the approved Resolution Plan has been made binding on the Government Authorities in relation to statutory dues and rights of such Government Authorities was made subject to the approve Resolution Plan. Since this Amendment takes away substantive right of the Government Authorities in relation to statutory dues, it is prospective in nature. The present operational debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Bankruptcy Board of India and Corporate Debtor. In terms of the Regulation 13(2)(d) and 17(1) of the Code of IBBI (Insolvency Resolution Professional for Corporate Person) Regulations, 2016, the list of Creditors has been finalized and Committee of Creditors was constituted on 27.09.2019 on the basis of the claims received from Creditors in pursuant to the Public Announcement. The list of Committee of Creditors are as follows: Sl. No. Name of Financial Creditors Voting Share (As on 27.09.2019) 1 Phoenix ARC Private Limited- Trustee of Phoenix trust FY 16-23 33% 2 State Bank of India 16% 3 Axis Bank 15% 4 Punjab National Bank 11% 5 Bank of India, Bangalore Large Corporate Branch 9% 6 IDBI Bank 7% 5. The list of Operation ..... X X X X Extracts X X X X X X X X Extracts X X X X
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