National Company Law Appellate Tribunal
Peecon Developer Private Limited vs Bimal Agrawal (Resolution ... on 20 September, 2021
1
National Company Law Appellate Tribunal, New Delhi
Principal Bench
Company Appeal (AT) (Ins) No. 756 of 2021
IN THE MATTER OF:
Peecon Developer Pvt. Ltd. ... Appellant
Vs.
Bimal Agrawal
RP of Dagcon (India) Pvt. Ltd. ...Respondent
Present:
For Appellant:- Mr. Syed Tamjeed Ahmad, Mr. Sohaib Alam,
Advocate
ORDER
(Virtual Mode) 20.09.2021: Ld. Counsel for the Appellant submits that the Appellant being a Financial Creditor filed an Application I.A No. 295-KB/2021 under Section 60(5) of IBC r/w Rule 11 of NCLT Rules, 2016 for the direction to the IRP to accept the claims submitted by the Applicant (Appellant) on 12.12.2020 and the Applicant (Appellant) treat as an Operational Creditor. Inadvertently, in Form-C mis-typed as a Financial Creditor.
2. It is submitted that Ld. Adjudicating Authority has dismissed the aforesaid Application erroneously on the ground that the claims of the Appellant is barred by limitation. Hon'ble Supreme court in Suo Moto Writ Petition (C) No. 3 of 2020 had categorically held that in cases where the limitation would have expired during the period between 15.03.2020 till 14.03.2021, notwithstanding the actual balance period of limitation remaining, all persons shall have a limitation period of 90 days from 15.03.2021.
3. Ld. Counsel for the Appellant submits that Principal Bench of NCLT in the case of Edelweiss Asset Reconstruction Pvt. Ltd. Vs. Adel Landmarks Ltd.
Company Appeal (AT) (Ins) No. 756 of 2021 2 held that the rejection of claim on the ground of delay is not sustainable because the provisions has been held to be directory. Therefore, the impugned order is not sustainable in law and deserves to be set aside. Hence, the Appeal be admitted for final hearing.
4. According to the Appellant the Appellant has paid a Principal sum of Rs. 2,08,00,000/- through his bank on 22.01.2008, 13.02.2008, 15.02.2008 and 28.03.2003 which is evident from the ledger statements. The Insolvency proceedings had been commenced against the Corporate Debtor by the order of Adjudicating Authority dated 20.11.2019. However, the Appellant was unaware of initiation of commencement of CIRP. On 23.11.2019 the RP has made a public announcement in newspaper for inviting claims from the Creditors of the Corporate Debtor and fixed 04.12.2019 last date for submissions of claims. However, the Appellant was never came across the said public announcement. He came to know of such announcement on 10.12.2020 and soon thereafter filed its claim alongwith documents with the RP on 12.12.2020. The RP rejecting the claim as the same was filed with delay of 374 days from the last submissions of claims. Thereafter, the Appellant has filed aforesaid application I.A. No. 295-KB/2020 before the Adjudicating Authority which is dismissed by the impugned order.
5. It is an admitted fact that the last date for submissions of claims was 04.12.2019, however, the Appellant has filed his claim on 12.12.2020 i.e delay of 374 days. The Appellant in any case cannot get the advantage of the Judgment of Hon'ble Supreme Court in Suo Moto Writ Petition (c) No. 03/2020 as prescribed period has already been expired on 04.12.2019 for submitting the claim. In the impugned order, it is mentioned that the CIRP is at the stage Company Appeal (AT) (Ins) No. 756 of 2021 3 of about to end. Ld. Adjudicating Authority has also mentioned that if the Appellant's claims is directed to consider at belated stage it will not only be unfair to the other creditors who could not file their claim with the RP because of the delay but would also dilute the purpose of publication of Form-A. CIRP is a time bound process and if the Adjudicating Authority sets the clock back, it would certainly go against main objective of the Code.
6. We are convinced with the grounds of dismissal of the Application. we find no ground to admit this Appeal. Therefore, the Appeal is dismissed summarily without notice to the other side.
[Justice Jarat Kumar Jain] Member (Judicial) [Dr. Ashok Kumar Mishra] Member (Technical) [Dr. Alok Srivastava] Member (Technical) SC/GC/RR.
Company Appeal (AT) (Ins) No. 756 of 2021