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 a 49-day delay in filing the claim under Form – C. The Corporate Insolvency Resolution Process (CIRP) of the 'Corporate Debtor' was initiated on 21.03.2022, with a public announcement on 23.03.2022, and the last date for claim submission was 04.04.2022. The claim was filed belatedly on 02.08.2022 in an incorrect form (Form – B). The Resolution Professional (RP) rejected the claim due to exceeding the 90-day period and advised approaching the Adjudicating Authority. Subsequently,
…Mr. Toral Rathod filed an appeal against the order of the Adjudicating Authority, which dismissed his application for condonation of a 49-day delay in filing a claim. The CIRP of the Corporate Debtor was initiated on 21.03.2022, with a public announcement on 23.03.2022, and the last date for claim submission was 04.04.2022. The appellant filed the claim belatedly on 02.08.2022 in an incorrect form (Form – B) and resubmitted it in Form C on 07.08.2022. The Resolution Professional (RP) rejected the claim due to exceeding the 90-day period. The appellant argued that the claim was a 'Financial Debt' and the delay was not willful, while the respondent argued that the delay was substantial and the appellant understated the delay. The Adjudicating Authority relied on the
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The Corporate Insolvency Resolution Process…
The public anno…
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 a 49-day delay in filing the claim under Form – C. The Corporate Insolvency Resolution Process (CIRP) of the 'Corporate Debtor' was initiated on 21.03.2022, with a public announcement on 23.03.2022, and the last date for claim submission was 04.04.2022. The claim was filed belatedly on 02.08.2022 in an incorrect form (Form – B). The Resolution Professional (RP) rejected the claim due to exceeding the 90-day period and advised approaching the Adjudicating Authority. Subsequently,
…Mr. Toral Rathod filed an appeal against the order of the Adjudicating Authority, which dismissed his application for condonation of a 49-day delay in filing a claim. The CIRP of the Corporate Debtor was initiated on 21.03.2022, with a public announcement on 23.03.2022, and the last date for claim submission was 04.04.2022. The appellant filed the claim belatedly on 02.08.2022 in an incorrect form (Form – B) and resubmitted it in Form C on 07.08.2022. The Resolution Professional (RP) rejected the claim due to exceeding the 90-day period. The appellant argued that the claim was a 'Financial Debt' and the delay was not willful, while the respondent argued that the delay was substantial and the appellant understated the delay. The Adjudicating Authority relied on the
…The Corporate Insolvency Resolution Process…
The public anno…