Rejected time-barred claims cannot be revived post-limitation by invalid acknowledgments or COVID exclusions; approved schemes during liquidation bind stakeholders, extinguishing non-included liabilities like resolution plans.

O R D E R

1. This appeal under Section 42 read with Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (“IBC”) has been filed to assail the rejection of applicant’s claim by the Liquidator of the Corporate Debtor M/s Innovative Studios Private Limited and seeking following reliefs Interim Relief:

a) Pass an order ad interim directing the 2nd Respondent to set apart a sum of Rs.39.30 Crores or the equivalent amount payable for this Applicant under the Scheme, had the claim been accepted as of 28-Sep-2020.

b) Grant such other interim reliefs as this Hon'ble Tribunal may deem fit and proper Final Reliefs:

c) Hold that the 1st Respondent had wrongfully

1. caused entries to be passed in the books of the CD for the year ending 31 March 2019, reversing amounts due and payable to this Applicant amounting to Rs.13,66,00,001

2. rejected the claim of this Applicant when it was filed on 07-Feb-2020 and the said act was a "fraudulent act" within the meaning of Section 17(2) of the Contract Act 1872.

d) Hold that the claim filed by this Applicant on 07-Feb-2020 for Rs.

39,30,23,728.90 was not barred by limitation.

e) Hold that the Liquidation Estate of the Corporate Debtor was liable for the said claim and that the Applicant would be entitled as a Financial Creditor to amounts due on a pro-rated basis along with other creditors of its class under the terms of the approved Scheme. (Or in the alternative)

Direct that the 1st Respondent was liable to pay the claim sums due and payable to the Applicant for having wrongfully caused entries to be passed in the books of the CD and or for having wrongfully rejected the claim of the Applicant herein, when it was not barred by limitation;

f) Pass such other orders or grant such other reliefs as may be deemed fit and proper by this Hon'ble Adjudicating Authority.

2. Brief Facts of the case stated in support of the Application are as follows:

i. The Applicant submits that the Corporate Debtor was admitted into Corporate Insolvency Resolution Process(CIRP) by this Adjudicating Authority on 11.04.2019 and thereafter ordered to be liquidated vide order dated 06.01.2020. Pursuant thereto, the Liquidator issued a public announcement in Form B inviting claims from stakeholders, fixing 08.02.2020 as the last date for submission of claims.

ii. It is stated that the Applicant, claiming to be a Financial Creditor of the Corporate Debtor, submitted its claim in Form D on 07.02.2020, within the stipulated time, for an amount aggregating to ₹39,30,23,728.90, being amounts allegedly advanced towards consideration under an Agreement to Sell dated 22.06.2007, together with accrued interest.

iii. The Applicant asserts that by communication dated 14.03.2020, the Liquidator rejected the claim. Aggrieved thereby, the Applicant approached this Tribunal by filing I.A. No. 392 of 2020, and this Adjudicating Authority, by order dated 16.09.2020, directed the Liquidator to consider the additional documents to be submitted by the Applicant in support of its claim.

iv. Pursuant to the said order, the Applicant submits that it furnished additional documents to the Liquidator by communication dated 19.09.2020. However, the Liquidator once again rejected the claim by communication dated 28.09.2020, which was re