Moneywise Financial Services Pvt. Ltd. Vs Arunava Sikdar (NCLAT Delhi)
NCLAT Delhi held that claim as a financial creditor of the Corporate Debtor filed after delay of 388 days cannot be entertained post-approval of the Resolution Plan by the CoC with 90.66% majority. Accordingly, appeal dismissed.
Facts- The present appeal has been preferred by Moneywise Financial Services Private Limited under Section 61 of the Insolvency and Bankruptcy Code, 2016, being aggrieved by the Impugned Order dated 05.12.2023 passed by the National Company Law Tribunal (Adjudicating Authority), New Delhi Bench.
By the said order, the Adjudicating Authority dismissed the Appellant’s application seeking admission of its claim as a Financial Creditor of M/s Dream Procon Private Limited (Corporate Debtor), despite the existence of a valid and enforceable corporate guarantee extended by M/s Dream Procon Private Limited for a loan advanced to Indirapuram Habitat Center Private Limited (IHCPL). Notably, the last date for submission of claims in the CIRP was 29.10.2019. The Appellant filed its claim on 20.11.2020 i.e., 388 days after the deadline.
Conclusion- Held that the Appellant’s claim is barred by limitation. The same cannot be entertained after the approval of the Resolution Plan by the CoC, as doing so would contravene the statutory mandate of Section 12, undermine the resolution process, and prejudice the interests of other stakeholders. The delay in submission of the claim is solely attributable to the Appellant, who was well aware of the timelines and who has already submitted one of his claims well within timeline, but submitted the second one with 388 days delay for which it has no explanation.
