Unaware about initiation of CIRP against Corporate Debtor is not a ground to file claims at a belated stage – Toyota Financial Services India Ltd. Vs. Mr. Suresh Kumar Jain (Erstwhile RP) – NCLT New Delhi Bench Court-V

NCLT New Delhi Bench Court-V held that: (i) The purpose of making public announcement is to make all the interested parties/stakeholders aware of the initiation of the CIRP of the Corporate Debtor so as to enable them to submit their claim and facilitate in preparing the information memorandum which is issued subsequently, after the collection and collation of claims of the operational and financial creditors so as to provide the Resolution Applicant all relevant information so that the resolution applicant can make a legally and financially sound Resolution Plan for the Corporate Debtor as is required under Section 29 of the IBC. (ii) The applicant has failed to show due diligence in submitting the claim before the Resolution Professional. We, therefore, cannot accede to the request for issuing direction for the acceptance of the claim of the applicant as the same has been filed much after the approval of the Resolution Plan in 20th CoC Meeting held on 27.11.2020.

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