The case involves an application (IA/487(AHM)2021 in CP(IB) 72 of 2018) filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016. The applicant, Sidmark Sales Synergy LLP, sought a direction from the National Company Law Tribunal (NCLT) to admit their claim against the Corporate Debtor, Sterling LAM Ltd. The claim was initially rejected by the Resolution Professional (RP) due to a delay in filing. The applicant contended that the delay was due to the lockdown in Maharashtra. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on 2020-11-10, and Form G was published on 2021-01-30, inviting claims from borrowers and stakeholders.
Sidmark Sales Synergy LLP filed a claim against Sterling LAM Ltd, the Corporate Debtor, during its Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated on 2020-11-10. Form G was published on 2021-01-30, inviting claims. Sidmark Sales Synergy LLP's claim was rejected by the Resolution Professional (RP) due to a delay in filing. The applicant claimed the delay was due to the lockdown in Maharashtra, submitting Form B on 2021-06-09 and via email on 2021-06-24. The RP argued that the claim was filed after the 90-day period stipulated by Regulation 12(2) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, which expired on 2021-02-08. The RP also stated that the Expression of Interest had been published and the CoC was
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Corporate Debtor,…
Form G published,…
The case involves an application (IA/487(AHM)2021 in CP(IB) 72 of 2018) filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016. The applicant, Sidmark Sales Synergy LLP, sought a direction from the National Company Law Tribunal (NCLT) to admit their claim against the Corporate Debtor, Sterling LAM Ltd. The claim was initially rejected by the Resolution Professional (RP) due to a delay in filing. The applicant contended that the delay was due to the lockdown in Maharashtra. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on 2020-11-10, and Form G was published on 2021-01-30, inviting claims from borrowers and stakeholders.
Sidmark Sales Synergy LLP filed a claim against Sterling LAM Ltd, the Corporate Debtor, during its Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated on 2020-11-10. Form G was published on 2021-01-30, inviting claims. Sidmark Sales Synergy LLP's claim was rejected by the Resolution Professional (RP) due to a delay in filing. The applicant claimed the delay was due to the lockdown in Maharashtra, submitting Form B on 2021-06-09 and via email on 2021-06-24. The RP argued that the claim was filed after the 90-day period stipulated by Regulation 12(2) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, which expired on 2021-02-08. The RP also stated that the Expression of Interest had been published and the CoC was
…Corporate Debtor,…
Form G published,…