The appeal was filed by Mr. Toral Rathod under Section 61 of the Insolvency and Bankruptcy Code, 2016, against the 'Impugned Order' dated 12.05.2023, in I.A. No.1522/2022 in C.P. (IB) No.75/2021. The Adjudicating Authority dismissed the application filed by the Appellant seeking condonation of delay of 49 days in filing the claim under Form – C. The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated on 21.03.2022, and the public announcement was made on 23.03.2022. The last date for submission of the claim was 04.04.2022. The claim was filed belatedly by the Applicant after the expiry of the 90th day on 02.08.2022 in an incorrect form i.e., Form – B.
Mr. Toral Rathod filed an appeal against an order by the Adjudicating Authority (National Company Law Tribunal, Chennai Bench – I) that dismissed his application for condonation of a 49-day delay in filing a claim. The Corporate Insolvency Resolution Process (CIRP) against Milan Textile Enterprises Private Limited was initiated on 21.03.2022, with a public announcement on 23.03.2022 and a claim submission deadline of 04.04.2022. Rathod submitted his claim late, on 02.08.2022, using the incorrect 'Form B'. The Resolution Professional (RP) rejected the claim due to exceeding the 90-day period. Rathod then filed the correct 'Form C' on 07.08.2022 and subsequently filed I.A.1522/2022 seeking condonation of the delay. Rathod argued that the claim was for a 'Financial Debt'
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The appeal was filed by Mr. Toral Rathod under Section 61 of the Insolvency and Bankruptcy Code, 2016, against the 'Impugned Order' dated 12.05.2023, in I.A. No.1522/2022 in C.P. (IB) No.75/2021. The Adjudicating Authority dismissed the application filed by the Appellant seeking condonation of delay of 49 days in filing the claim under Form – C. The Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor was initiated on 21.03.2022, and the public announcement was made on 23.03.2022. The last date for submission of the claim was 04.04.2022. The claim was filed belatedly by the Applicant after the expiry of the 90th day on 02.08.2022 in an incorrect form i.e., Form – B.
Mr. Toral Rathod filed an appeal against an order by the Adjudicating Authority (National Company Law Tribunal, Chennai Bench – I) that dismissed his application for condonation of a 49-day delay in filing a claim. The Corporate Insolvency Resolution Process (CIRP) against Milan Textile Enterprises Private Limited was initiated on 21.03.2022, with a public announcement on 23.03.2022 and a claim submission deadline of 04.04.2022. Rathod submitted his claim late, on 02.08.2022, using the incorrect 'Form B'. The Resolution Professional (RP) rejected the claim due to exceeding the 90-day period. Rathod then filed the correct 'Form C' on 07.08.2022 and subsequently filed I.A.1522/2022 seeking condonation of the delay. Rathod argued that the claim was for a 'Financial Debt'
…Corporate Insolvency…
Public announce…