AI Structured Summary
Not yet generated for this judgment
Judgment
12.08.2024 : Heard Counsel for the Parties.
This Appeal has been filed challenging the Order dated 26.10.2023 passed by the Learned Adjudicating Authority in I.A. 329/2021. I.A. No. 329/2021 was filed by the Appellant praying for setting aside the advertisement dated 07.05.2019 inviting the submission of the Claim.
Learned Counsel for the Appellant submits that Corporate Insolvency Resolution Process (`CIRP’) commenced on 15.05.2018, hence the Claim should have been filed as on the commencement date 15.05.2018 whereas Resolution Professional (`RP’) has given a fresh Notice on 07.05.2019.
Learned Counsel for the RP submits that the fresh Notice was issued. In view of the fact that in Comp. App. (AT) (Ins.) Nos. 255 to 260 of 2018, there was a stay by the Appellate Tribunal which was vacated only on 30.04.2019 and the Notice was issued inviting the fresh claim.
We have heard Counsel for the Parties and perused the record.
Adjudicating Authority in Paragraphs 2.2 & 2.3 has noticed the aforesaid fact which are as follows:
“2.2. In the meantime, the order of initiation of insolvency proceeding dated 15.05.2018 was stayed by the Hon'ble NCLAT New Delhi vide Order dated 30.05.2018 in Company Appeal (AT) (Insolvency) 255-256, 257-258 and 259-260 all of 2018. The order of stay dated 30.05.2018 was vacated on 30.04.2019 and therefore, the Order in CP (IB) 1387 /2017 got restored.
2.3. The IRP thereafter issued a fresh notice on 07.05.2019, in terms of Section 13 (1) (B) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the Code-2016, inviting claims from the stakeholders/ creditors as on 07.05.2019.”
When there was a stay by the Appellate Tribunal which was vacated only on 30.04.2019. We see no error in Public Announcement issued by the RP inviting the Claims on 07.05.2019.
Learned Counsel for the RP has rightly submitted that during the period when the proceedings were stayed certain developments might have taken place and hence the Claims were again invited on 07.05.2019.
We do not find any error in the Notice dated 07.05.2019 which warrant any interference by the Adjudicating Authority. We thus, do not find any error in the Order passed by the Adjudicating Authority rejecting the I.A. filed by the Appellant.
There is no merit in Appeal. Appeal is dismissed.