NCLT New Delhi (26.11.2018) in Ranajit Das & Ors. [CA 709 / 2018 in (IB)- 334 (ND) 2018] Application was filed by the RP praying for directions to entertain claims received late i.e. beyond the period of 90 days.
Excerpts Of the order;
" Another application CA 709/2018 has been filled by the RP praying for directions to entertain claims received late i.e. beyond the period of 90 days. “This bench is of the view that receipt of the late claims beyond the period of 90 days would not entitle the claimant to be part of the CoC. However, a legitimate claim of an investor or creditor cannot be turned out or rejected till it is a point of no return. In our considered view this situation shall arise only after disbursal of liquidated estate of the Corporate Debtor as even at the state of liquidation, claims are invited.”
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The concerned CIRP regulations (“Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations,2016) reads as under;
# Regulation 12. Submission of proof of claims.
(1) Subject to sub-regulation (2), a creditor shall submit claim with proof on or before the last date mentioned in the public announcement.
(2) A creditor, who fails to submit claim with proof within the time stipulated in the public announcement, may submit the claim with proof to the interim resolution professional or the resolution professional, as the case may be, on or before the ninetieth day of the insolvency commencement date.
Author’s comments; This deadline of 90 days was introduced by way of an amendment in the regulations, with effect from 3rd July, 2018. Prior to the amendment, Regulation 12 (2) read as follows:
“ A creditor, who failed to submit proof of claim within the time stipulated in the public announcement, may submit such proof to the interim resolution professional or the resolution professional, as the case may be, till the approval of a resolution plan by the committee. ”
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Hon'ble SCI (15.11.2019) in CoC of Essar Steel India Limited vs. Satish Kumar Gupta & Ors.(Civil Appeal No. 8766-67 OF 2019)held as under;
ReplyDelete# 67. For the same reason, the impugned NCLAT judgment in holding that claims that may exist apart from those decided on merits by the resolution professional and by the Adjudicating Authority / Appellate Tribunal can now be decided by an appropriate forum in terms of Section 60(6) of the Code, also militates against the rationale of Section 31 of the Code. A successful resolution applicant cannot suddenly be faced with “undecided” claims after the resolution plan submitted by him has been accepted as this would amount to a hydra head popping up which would throw into uncertainty amounts payable by a prospective resolution applicant who successfully take over the business of the corporate debtor. All claims must be submitted to and decided by the resolution professional so that a prospective resolution applicant knows exactly what has to be paid in order that it may then take over and run the business of the corporate debtor. This the successful resolution applicant does on a fresh slate, as has been pointed out by us hereinabove. For these reasons, the NCLAT judgment must also be set aside on this count.