Future liabilities under Gas Sale Agreement which is not duly performed and as such not being covered under the definition of “claim” as defined in Sec. 3(6) of IBC – GAIL India Ltd. Vs. Mr. Milind Kasodekar, RP of Uttam Galva Steel Ltd. – NCLT Mumbai Bench
July 13, 2022
It is trite law that such verification is distinct from adjudication of claims, and an IRP is empowered to make a best estimate of the amount of the claim based on the information available under Regulation 14 of CIRP Regulations. It is the duty of an RP to verify each claim received, and admit the claim only to the extent it pertains to a period prior to the ICD based on the information available with them. Therefore, it is well within the powers of an IRP/RP to reject a claim or portion thereof for want of sufficient documents/evidence backing up such a claim.