Section 15 (1) (c) of the Code provides that the public announcement of the CIRP shall contain the last date for submission of claims.
Regulations 12 (2) of the CIRP Regulations provides that a creditor, who failed to submit proof of claim within the time stipulated in the public announcement, may submit such proof to the interim resolution professional or the resolution professional, as the case may be, till the approval of a resolution plan by the committee.
NCLT, Principal Bench, New Delhi, in Alchmesit Asset Reconstruction Co. Ltd. and Moser Baer India Limited, observed that Regulation 12 (2) of the CIRP Regulations is in direct conflict with section 15 (1) (c) of the Code. NCLT observed “We do not think that by subordinate legislation the timeline provided by the Insolvency and Bankruptcy Code could be eroded in such a manner to as to cause delay in corporate insolvency resolution process”.
In view of the aforesaid NCLT judgment, it appears that IP may not admit a claim after the period of submission of claims is over, as stated in public announcement. However, considering the preamble of the Code and to balance the interest of all stakeholders, claim may be accepted after the specified date as the situation warrants.