If at belated stage when the Resolution Applicants are already before the CoC, if new claims keep popping up & are entertained, the CIRP would be jeopardized & Resolution Process may become more difficult – Harish Polymer Product Vs. Mr. George Samuel, RP of Jason Dekor Pvt. Ltd. – NCLAT New Delhi
An Operational Creditor filed belated claim and contented to allow claim on the grounds of distance, Lockdown, CIRP Regu. 40C and Order of SC on extension of limitation.
The Appellate Tribunal upheld the decision of the AA and observed that the reasons recorded by the AA have substance and if at belated stage when the Resolution Applicants are already before the CoC with their Resolution Plan(s) if new claims keep popping up and are entertained, the CIRP would be jeopardized and Resolution Process may become more difficult. Keeping in view the object of the Code which is Resolution of the Corporate Debtor in time bound manner to maximize value, if such requests of applicants like Appellant are accepted the purpose of Code would be defeated.(p10)