TMI Blog2021 (5) TMI 315X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor within seven days of such admission or rejection of the claim. As against the rejection of the claim, Section 42 of I B Code, 2016 provides for a time window of 14 days upon receipt of such decision to the creditor to file an appeal to the Adjudicating Authority against the said decision of the Liquidator - Further, it may be noted that under Regulation 44(1) of the IBBI (Liquidation Process) Regulations, 2016, the Liquidator is directed to liquidate the Corporate Debtor within one year from the date of commencement of the liquidation proceedings and Regulation 44(2) stipulates that, after the expiry of one year, the liquidator shall file an application to the Authority to continue the liquidation period along with a report and explai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pursuant to an application filed under Section 9 of IBC, 2016 by an Operational Creditor viz. M/s. Jotun India Private Limited and the Applicant was appointed as Interim Resolution Professional on 02.05.2019. 3. The Learned Counsel for the Applicant submitted that upon verification of the books of accounts of M/s. Perfect International Fabricators Private Limited, it was found that a sum of ₹ 30.51 Lakh is due and payable from M/s. Cethar Limited, the Respondent herein, for supply of steel fabricated products as manufactured by M/s. Perfect International Fabricators Private Limited during the period 2011-2012. These dues are pending since financial year 2016-2017. 4. It was submitted by the Learned Counsel for the Applicant that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate Limited has been unable to provide the relevant form of claim to the Applicant. 8. It was submitted that since the Claims are not hosted in the website of M/s. Cethar Limited, the Applicant is unable to ascertain the status of the Claim. Meanwhile, the Applicant has prepared claim in FORM C as per Schedule II and as per Regulation 17 of the Insolvency and Bankruptcy Board of India (Liquidation Process) Regulations, 2016 along with all the proofs in order to substantiate the existing receivable amounting to ₹ 30.51 Lakh from M/s. Cethar Limited. It was further submitted that since the Applicant Company is under the Liquidation Process as initiated under Section 33 of Insolvency and Bankruptcy Code, 2016, this application is bein ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dmit or reject in whole or part as the case may be of such claim. Section 40 of the I B Code, 2016 mandates the Liquidator to record the reason in writing for rejection of the claim and the same is also required to be communicated to the Applicant. In relation to his decision of admission or rejection, the Liquidator is required to communicate to both the creditors and the Corporate Debtor within seven days of such admission or rejection of the claim. As against the rejection of the claim, Section 42 of I B Code, 2016 provides for a time window of 14 days upon receipt of such decision to the creditor to file an appeal to the Adjudicating Authority against the said decision of the Liquidator. 11. It may also be seen that the Applicant has ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
