The CoC is already in receipt of a Resolution Plan and it had last met on 30.04.2021 to consider the Resolution Plan. The Applicant had not only filed its claim belatedly but has also filed the present application after more than two months had lapsed from the date of rejection of its claim by the RP.
The Adjudicating Authority observed that if at this advanced stage, the claim of this Applicant is allowed, the information memorandum will have to be changed and, in effect, the entire CIRP period will start again at the stage where it is about to end. Further, allowing the Applicant’s claim at such a belated stage, on grounds that do not inspire the confidence of this Adjudicating Authority at all, will not only be unfair to the other creditors who could not file their claim with the RP because of the delay but would also dilute the purpose of publication of Form A. CIRP is a time-bound process and if the Adjudicating Authority sets the clock back for the reason that the Applicant was not diligent enough in pursuing its claim, it would certainly go against the main objective of the Code.