TMI Blog2021 (4) TMI 643X X X X Extracts X X X X X X X X Extracts X X X X ..... ll stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India and for matters connected therewith or incidental thereto. The IBC has various provisions which are time bound. Stakeholders in IBC cannot act or proceed in such matters in a manner to convert it into any other Ordinary Civil Proceeding or cause destructive delays which plagued the process under Sick Industrial Companies (Special Provisions) Act, 1985. In the present matter, the CIRP started on 08th November, 2019. Already more than one year has passed - the claim were not filed within time specified in the Public Notice or within 90 days from insolvency commencement date, which was 06.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10 of Insolvency and Bankruptcy Code, 2016 (IBC in short) was admitted on 08th November, 2019 (Page 169). It is stated that Public Notice was issued on 28th November, 2019. As per Public Notice, the claims were required to be filed by 14th December, 2019. The Insolvency and Bankruptcy Board of India (Insolvency Resolution Process) for Corporate Persons Regulations, 2016 (Regulations in Short) is relevant. Regulation 12 of Regulations before Notification No. IBBI/2018-19/GN/REG 031 dated 03.07.2018 read as under: 12. Submission of proof of claims. (1) Subject to sub-regulation (2), a creditor shall submit proof of claim on or before the last date mentioned in the public announcement. (2) A creditor, who failed to submit proof of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hin seven days from the last date of the receipt of the claims, and thereupon maintain a list of creditors containing names of creditors along with the amount claimed by them, the amount of their claims admitted and the security interest, if any, in respect of such claims, and update it. .. Thus reasonable time is specified. It is stated that on 23rd April, 2020 the then Resolution Professional Mr. HM Choraria wrote to the Appellant (Page 187 Annexure A-10) that the claim has been received late and he would be mentioning so in his report. It is stated that new Resolution Professional Mr. Soumitra Lahiri came to be appointed on 29th September, 2020 and the new Resolution Professional rejected the claim filed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ership Firms and Individuals in a time bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interest of all stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India and for matters connected therewith or incidental thereto. 7. The IBC has various provisions which are time bound. Stakeholders in IBC cannot act or proceed in such matters in a manner to convert it into any other Ordinary Civil Proceeding or cause destructive delays which plagued the process under Sick Industrial Companies (Special Provisions) Act, 1985. In the present matter, the CIRP started on 08th No ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... specified in the Public Notice or within 90 days from insolvency commencement date, which was 06.02.2020. Till 06.02.2020 there was no lockdown. Even thereafter another 35 days were taken to file claim. When the claim was filed, if it was not decided within reasonable time, still matter was not taken up with the Adjudicating Authority. After the new Resolution Professional came in, he rejected the claim and only then the C.A. No. 1056 of 2020 was moved. The Learned Senior Counsel for the Appellant has submitted that the Regulation 12 has been held to be directory. Even if the said Regulation is directory a few days delay in set of facts can be considered. However, in present set of facts the Appellant who was in the picture since beginning, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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