ORDER

Per:- Justice Rakesh Kumar Jain (Oral) 12.01.2023: This appeal is against the order dated 28.09.2021 passed by the National Company Law Tribunal, New Delhi by which an application bearing CA/725/2019 filed in (IB)-420(ND)/2017 filed by the Appellant (Liquidator) seeking the following reliefs which are reproduced hereunder :-

“1. To allow the applicant to reduce the claim of the Canara Bank from Rs. 12,14,00,229/- (Rupees Twelve Crore Fourteen Lakhs Two Hundred Twenty only) along with relevant interest applied from the date of transaction till Liquidation commencement date i.e. 13.09.2018. stakeholders in accordance with Regulation 31(3) of the Liquidation Process Regulations, 2016.” Company Appeal (AT) (Ins.) No. 1051 of 2021 has been rejected, inter-alia on the ground that the Regulation 31(3) of the IBBI (Liquidation Process) Regulations, 2016 for short the Regulation is not applicable, Liquidator is empowered under IBC to accept the claim and the prayer made by the liquidator is not thus acceptable.

2. Counsel for the Appellant has submitted that on receiving the additional information the Liquidator, proceeded in terms of the Regulation 31 of the Regulations. Regulation 31 of the Regulations is reproduced as under :

31. List of stakeholders. (1) The liquidator shall prepare a list of stakeholders, category-wise, on the basis of proofs of claims submitted and accepted under these Regulations, with- (a) the amounts of claim admitted, if applicable, (b) the extent to which the debts or dues are secured or unsecured, if applicable, (c) the details of the stakeholders, and (d) the proofs admitted or rejected in part, and the proofs wholly rejected.

[(2) The liquidator shall file the list of stakeholders with the Adjudicating Authority within forty-five days from the last date for receipt of the claims.]

(3) The liquidator may apply to the Adjudicating Authority to modify an entry in the list of stakeholders filed with the Adjudicating Authority, when he comes across additional information warranting such modification, and shall modify the entry in the manner directed by the Adjudicating Authority.

Company Appeal (AT) (Ins.) No. 1051 of 2021 (4) The liquidator shall modify an entry in the list of stakeholders filed with the Adjudicating Authority, in the manner directed by the Adjudicating Authority while disposing off an appeal preferred under section 42.

(5) The list of stakeholders, as modified from time to time, shall be- (a) available for inspection by the persons who submitted proofs of claim;

(b) available for inspection by members, partners, directors and guarantors of the corporate debtor;

(c) displayed on the website, if any, of the corporate debtor.

[(d) filed on the electronic platform of the Board for dissemination on its website:

Provided that this clause shall apply to every liquidation process ongoing and commencing on or after the date of commencement of the Insolvency and Bankruptcy Board of India (Liquidation Process) (Amendment) Regulations, 2021.] 3. It is submitted that he had received a claim from the Canara bank of an amount of Rs. 55,90,10,316/- which was admitted. However, after receiving certain information during the process of transaction audit that the total claim of the Canara Bank is of Rs. 12,14,00,229/- an application was accordingly moved to the Adjudicating Authority in terms of Regulation 31(3) for the aforesaid two prayers which have been rejected.

Company Appeal (AT) (Ins.) No. 1051 of 2021 4. Counsel for the Appellant has submitted that the Tribunal has committed an error in dismissing the application solely on the ground that the Regulation 31(3) is not applicable. He has submitted that Regulation 31(3) provides that the Liquidator may apply to the Authority to modify an entry in the list of stakeholders (in the present case is the Canara Bank) if he comes across additional information which may warrant modification and shall modify the entry only on the dir