TMI Blog2021 (3) TMI 295X X X X Extracts X X X X X X X X Extracts X X X X ..... public announcement was made in compliance of the provision of the IB Code inviting claims from the creditors/stakeholders, if any, or as the case may be. It is also a matter of record that the corporate debtor owes liability towards L T Finance Ltd., and the same has been assigned to Kotak Mahindra Bank Ltd. (present applicant) - Hence, taking the plea that the applicant had no knowledge of the CIRP cannot be believed upon since the applicant has purchased the liability from L T Finance Ltd. On perusal of the record, it is found that the applicant has approached the IRP on April 18, 2020 where the resolution plan was already passed on March 19, 2020. Under such circumstances, when the IRP/RP has already been discharged, definitely he w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 172 of 2018 was filed by the operational creditor, viz., SKE Projects Ltd., under section 9 of the IB Code, seeking initiation of corporate insolvency resolution process (hereinafter referred as CIRP ) against the corporate debtor, viz., Jaihind Project Ltd., which was admitted on November 2, 2018 by this Adjudicating Authority and Mr. Premnarayan Ramanand Tripathi was appointed as the interim resolution professional (hereinafter referred as IRP ). 2.2 Vide order dated January 23, 2019 Mr. Parthiv Parikh was appointed as the resolution professional (hereinafter referred as RP ) and vide order dated March 19, 2020 the resolution plan submitted by the committee of creditors (hereinafter referred as CoC ) was approved by the Adjudicat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... heir financial liability towards L T Finance Ltd., of ₹ 25,97,55,260 (rupees twenty-five crores ninety seven lakhs fifty five thousand two hundred and sixty only) as on August 6, 2015 along with interest and the consent award was passed on March 25, 2016 by the learned arbitrator. 2.6 The applicant further stated that the corporate debtor committed default in execution of memorandum of settlement and so, L T Finance Ltd., filed an execution proceeding before the hon'ble Bombay High Court, wherein the corporate debtor was made party and notice was issued by the hon'ble High Court. Thereafter, vide order dated June 4, 2018 the corporate debtor was restrained from alienating, parting with possession or creating any third party ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sting for condoning the delay in filing the claims. 3. Heard the applicant and also seen the records. For the sake of convenience, the list of events is herein under : Date Event 30-9-2015 Memorandum of settlement 25-3-2016 Award passed 22-1-2018 Notice issued to the corporate debtor by the hon ble High Court of Bombay 4-6-2018 Order passed in execution proceeding 2-11-2018 CIRP was initiated against the corporate debtor 29-3-2019 Deed of assignment bet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is not a small amount which can be ignored or neglected. Also, all of sudden after more than 4 years, the applicant wakes up and justifies that he has no knowledge with regard to the initiation of the CIRP by the Adjudicating Authority. Admittedly, the applicant had made repeated reminders during the period, i. e., 2016-2020, and it is but natural that while making a demand, the corporate debtor was under suspension in view of the admission order passed by this Adjudicating Authority. So, the plea of lack of knowledge taken by the applicant is not maintainable. 6. On perusal of the record, it is found that the applicant has approached the IRP on April 18, 2020 where the resolution plan was already passed on March 19, 2020. Under such cir ..... X X X X Extracts X X X X X X X X Extracts X X X X
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