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IBC - Highlights / Catch Notes

Home Highlights May 2021 Year 2021 This

Condonation of delay in filing application - fresh claim in CIRP ...

Insolvency and Bankruptcy

May 3, 2021

Condonation of delay in filing application - fresh claim in CIRP - The prospective Resolution Applicants submitted their Resolution Plan on the basis of their financial capacity and availability of funds. There is every likelihood that, if the claims of the different creditors are being accepted in a phase manner and/or on such belated stage, that too after the stipulated time, so provided for submitting claims, in that event, the Resolution Plans can never get materialized and there would be no resolution of Corporate Debtor which is main object of the IB Code, more so, when CIRP is to be completed in a time bound manner. - Tri

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