Schedule-I of Liquidations Process Regulations, 2016 is directory in nature and not mandatory – Mr. Bhanu Pratap Singh Vs. Mr. Rakesh Jindal (Liquidator) – NCLAT New Delhi

Hon’ble NCLAT held that in any case the Schedule-I of Liquidations Regulations is directory in nature and not mandatory as is evident in the use of the word “shall ordinarily” in Regulation 33(1). When the mechanism of sale as specified in Regulation 32 is changed, the Schedule-I has to be followed afresh after every such change.

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If any Public depositor applies showing due of the debt claiming itself as operational creditor and the Resolution Professional or the Tribunal do not accept the claim on the ground that they are not financial creditor, we allow the appellant to raise the question before the Tribunal and if any adverse decision is given by the Tribunal, it will be open to the appellant to raise the issue before NCLAT- Hind Motors India Ltd. Vs. Adjudicating Authority NCLT, Chandigarh – NCLAT New Delhi

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