- Apprentice Lawyer
- Legal Jobs
A Delhi Bench of the National Company Law Tribunal (NCLT) has ruled that claims made by creditors that were not admitted by the resolution professional during moratorium, can be admitted at the stage of liquidation by the liquidator.
The claim was filed by an operational creditor, SBS Transpole Logistics Pvt. Ltd. (claimant), in the liquidation process against corporate debtor, MM Cargo Container Pvt. Ltd.
In this particular case, the claimant was unable to file its claim in time, both at the resolution stage, as well as the liquidation stage. While in the past, claims by creditors have been allowed even after the last date of submission, this is probably the first time a similar ruling has been made in the context of liquidation proceedings.
But this ruling goes a step further, as it suggests that the liquidator is required to provision for claims appearing in the balance sheet of the corporate debtor, whether or not the creditor files for it. This inclusion of claims is to be made notwithstanding their exclusion at the resolution stage.
Also, it appears from the wording used in the order that the claims by creditors may be admitted till the time the liquidation proceeds have been distributed.
Sameer Jain, Founder & Managing Partner of PSL Advocates & Solicitors argued for SBS Transpole, the claimant/operational creditor. He was assisted by Associates Anu Sura, Karan Valecha and Utkarsh Divyankar.
Read the order