TMI Blog2021 (10) TMI 815X X X X Extracts X X X X X X X X Extracts X X X X ..... he books of accounts of the Corporate Debtor is also not evidential enough for the claims to be admitted and considered by the Liquidator. The Liquidation is a time bound process and the Liquidator is being made accountable and required to explain, if there is any delay caused in the liquidation process - the Hon'ble Supreme Court in Gaurav Hargovindbhai Dave Vs. Asset Reconstruction Company (I) Ltd. Another [ 2019 (9) TMI 1019 - SUPREME COURT] , in relation to the aspect of limitation has restated the well established and well settled principle that there is no equity about limitation , we are unable to entertain this Application. In view of the IBC, 2016 being a time bound process as well as the Learned Liquidator being under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (CIRP) in relation to the Corporate Debtor was initiated by this Tribunal on 19.06.2017 and the Applicant herein has submitted the claim before the RP on 04.09.2017 during the CIRP period for the supplies made during the period from 01.04.2011 to 31.03.2016 to the tune of ₹ 25,782,227/-. The RP has verified the books of accounts of the Corporate Debtor and admitted the claim of the of the Applicant to the tune of ₹ 22,53,146/-. Since there was no viable plan received during the CIRP period, the Corporate Debtor was ordered for liquidation by this Tribunal in CA/61/2017 vide its order dated 19.03.2018. Pursuant thereto, the Liquidator has caused public announcement on 24.03.2018 inviting claims from the stakeholders to be filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the Claimants are required to submit the claim to the Liquidator in such form and in such manner along with such supporting documents as specified by the Board. Thereafter, upon submission of the claim, the Liquidator is required to verify the claims within the time limits specified by the Board and in this connection referring to the relevant Regulations namely, IBBI (Liquidation Process) Regulations, 2016 and more specifically under Regulation 30, the Liquidator is required to verify the claim submitted within a period of 30 days from the last date of receipt of the claims and may either admit 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 w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the Liquidator. 8. It must be borne in mind that the IBC treats the CIRP and Liquidation process as two separate stages and the proof of claim is to be filed separately at each stage. It may also be seen that the Applicant during the CIRP period had preferred to file a claim before the IRP/RP and as per the provisions of IBC, 2016 the Applicant ought to have filed the claim before the Liquidator after the commencement of the Liquidation proceedings, which they have not done so. Further, there are no cogent reasons stated by the Applicant in the Application as to why there was a delay in filing the claim before the Liquidator. 9. Further, it may be noted that under Regulation 44(1) of the IBBI (Liquidation Process) Regulations, 2016, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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