The case involves an application filed by Good Wood Products, an operational creditor, challenging the rejection of its claim by the Interim Resolution Professional (IRP) of Kitply Industries Limited, the corporate debtor, under the Insolvency and Bankruptcy Code, 2016. The IRP rejected the claim based on Regulation 12(2) of the Insolvency Resolution Process for Corporate Persons Regulations, 2016, stating that the claim was submitted more than 90 days after the insolvency resolution process date. The applicant contends that the claim could be filed until the approval of the resolution plan by the Committee of Creditors (CoC).
Kitply Industries Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) initiated by IDBI Bank Limited. Mr. Bijay Murmuria was appointed as the Interim Resolution Professional (IRP). Good Wood Products (Operational Creditor) submitted a claim to the IRP, which was rejected for being filed after the stipulated deadline. The public announcement regarding the CIRP was made, with a deadline of 16.05.2018 for claim submissions. Good Wood Products claimed they learned about the CIRP only in November 2018 and submitted their claim on 20.11.2018, which was beyond the 90-day period from the CIRP commencement date of 01.05.2018, as per the amended Regulation 12(2). The resolution plan was approved by the Adjudicating Authority on 07.12.2018. The
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Corporate Insolvency…
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The case involves an application filed by Good Wood Products, an operational creditor, challenging the rejection of its claim by the Interim Resolution Professional (IRP) of Kitply Industries Limited, the corporate debtor, under the Insolvency and Bankruptcy Code, 2016. The IRP rejected the claim based on Regulation 12(2) of the Insolvency Resolution Process for Corporate Persons Regulations, 2016, stating that the claim was submitted more than 90 days after the insolvency resolution process date. The applicant contends that the claim could be filed until the approval of the resolution plan by the Committee of Creditors (CoC).
Kitply Industries Limited (Corporate Debtor) underwent Corporate Insolvency Resolution Process (CIRP) initiated by IDBI Bank Limited. Mr. Bijay Murmuria was appointed as the Interim Resolution Professional (IRP). Good Wood Products (Operational Creditor) submitted a claim to the IRP, which was rejected for being filed after the stipulated deadline. The public announcement regarding the CIRP was made, with a deadline of 16.05.2018 for claim submissions. Good Wood Products claimed they learned about the CIRP only in November 2018 and submitted their claim on 20.11.2018, which was beyond the 90-day period from the CIRP commencement date of 01.05.2018, as per the amended Regulation 12(2). The resolution plan was approved by the Adjudicating Authority on 07.12.2018. The
…Corporate Insolvency…
Last date for…