• Last date to submit claim by a creditor in a corporate insolvency resolution process has expired

Background: I had booked a plot in real estate project, wherein, the developer defaulted and did not offer possession of the plot. Meanwhile, probably few of the aggrieved customers moved to NCLT requesting initiation of insolvency proceedings. NCLT passed an order on 10th October, 2019 for the commencement of insolvency resolution process and invited the creditors (aggrieved allottees in this case) to submit claims by 29th October, 2019

My issue: I was totally unaware of the NCLT proceedings and order. And it is today (15th July 2020) that I somehow figured out the whole series of events. Now since, it is already 8 months that the due date to submit claims has expired, what are my options now?
Asked 1 year ago in Business Law

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15 Answers

1. IRRESPECTIVE of the delay, you may still file your claims, more so specifically since all the claimants (including you) are the affected party and due Notice Publication on Public newsprint and on site would not have been done.

2. Your rights does not extinguish, just because you did not file your Claims.  You may file your claims, with proper documentary evidences and request for Condonation of any delay.

Hemant Agarwal
Advocate, Mumbai
5546 Answers
25 Consultations

5.0 on 5.0

approach the concerned NCLT for condonation of delay in filing the claim on sufficient cause for delay being shown;

Ajay Sethi
Advocate, Mumbai
84069 Answers
5480 Consultations

5.0 on 5.0

In NCLT you don't have any remedy left. 

So your only option left with is in Consumer Forum. 

Don't delay in filing such case.

Devajyoti Barman
Advocate, Kolkata
22515 Answers
363 Consultations

5.0 on 5.0

1.File an application before the NCLT now praying for allowing your claim to be added with other applicants claim.

 

2. You shall have to show ground for the delay in submitting the said application. 

Krishna Kishore Ganguly
Advocate, Kolkata
26030 Answers
726 Consultations

5.0 on 5.0

File FIR. Also submit your claim before RP or CC with application that you was unaware of NCLT procdeing.

And NCLT may have withdrawn after amendment in insolvency act. So directly file FIR, RERA and consumer complaint. Send legal notice first.

Yogendra Singh Rajawat
Advocate, Jaipur
21439 Answers
31 Consultations

4.4 on 5.0

You can file the same before 90 th day of Insolvency commencement date. You can get the delay condoned from the court

Prashant Nayak
Advocate, Mumbai
24239 Answers
51 Consultations

4.4 on 5.0

- As per rule , if you cancel the agreement for purchasing the said plot due to the fault of developer , then the developer is bound to refund the entire amount with 10% interest.

- You can approach the NCALT against the order , and also start proceeding before Consumer court , 

Mohammed Shahzad
Advocate, Delhi
7982 Answers
85 Consultations

5.0 on 5.0

Please contact committee of creditors to ensure enlistment of your name .

Now CIRP is stalled by an order of Central Government through an ordinance prohibiting fresh filing of application under section 7,8,9 and 10 of Insolvency and Bankruptcy Code 2016 as amended upto date.

NCLT and NCLAT are non- functional sine dine.

Amendment to section 10 A is introduced and enforced the same last month with President's assent to publish the amendment in official Gazette of Government of India. 

Ramesh Pandey
Advocate, Mumbai
2541 Answers
8 Consultations

5.0 on 5.0

You can proceed in filing an application for impleadment with delay condonation application

Nirmit Srivastav
Advocate, Lucknow
60 Answers

5.0 on 5.0

File an application for interim relief and for seeking permission to file claims

Rahul Jatain
Advocate, Rohtak
5365 Answers
4 Consultations

4.8 on 5.0

The law of limitation revolves around the basic concept of fixing or prescribing the time period for barring legal actions beyond that period.

The very crux of having a limitation law in force is that a person cannot sleep over his rights for an indefinite period and seek such remedy at a later stage.

The limitation Act does not extinguish a right but it only bars the remedy.

At the outset, it may be noted that the law of limitation would apply equally to an applicant’s claim as well as claims of other creditor who submit proof of claim before the RP/liquidator.

As per the Act, being a general law, the right to sue accrues when the default has occurred and the default should have occurred not beyond 3 years from filing of the application. However, when introduced, the Code did not explicitly provide for applicability of limitation law for matters under the Code- hence the anomaly.

n spirit of the principles of purport of the law of limitation and in light of the confusion of an explicit provision, a counterpart to section 433 of the Companies Act, 2013 was introduced in the Code by way of section 238A w.e.f. 06.06.2018, which stated that:

“238A. Limitation:

The provisions of the Limitation Act, 1963 shall, as far as may be, apply to the proceedings or Appeals before the Adjudicating Authority, the National Company aw Appellate Tribunal, the Debt Recovery Appellate Tribunal, as the case may be.”

Hence, it was substantiated in clear words that the Limitation Act, 1963 is applicable to the Insolvency and Bankruptcy Code, 2016.

You may apply for your claim even now befor the forum, let them giver their reply  after which you can decide about further course of action

T Kalaiselvan
Advocate, Vellore
74174 Answers
1203 Consultations

5.0 on 5.0

You should file an application stating that you didn't know about the same and hence you may be permitted to be made party in the matter.

Rahul Mishra
Advocate, Lucknow
13048 Answers
42 Consultations

5.0 on 5.0

Dear Sir,

You are suggested to submit the claim to the Resolution Professional and if it is denied by him, file an interlocutory application in the NCLT, concerned Bench praying for direction to RP to include your claim. 

Ganesh Singh
Advocate, New Delhi
6629 Answers
16 Consultations

4.5 on 5.0

you can file an application of Condonation of delay before NCLT. 

Mohammed Mujeeb
Advocate, Hyderabad
19011 Answers
28 Consultations

4.5 on 5.0

 You need to make an application before NCLT for including your claim the creditor list on ground that you haven't received any intimation for submission of claims till date.

Mohit Kapoor
Advocate, Rohtak
10688 Answers
7 Consultations

5.0 on 5.0

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