The National Company Law Tribunal (NCLT) Mumbai bench of Justice Shri V.G. Bisht and Shri Prabhat Kumar (Member Technical) has held that amounts reflected in the books of the Corporate Debtor cannot be rejected even if no formal claims are filed by the Creditors.
This Application has been filed on 03.04.2024 by Union of India Through its Secretary, Department of Telecommunication (DOT/Applicant) under Section 60(5) of Insolvency and Bankruptcy Code, 2016 in the Corporate Insolvency Resolution Process (CIRP) of Reliance Communications Limited (Corporate Debtor) for admission of its claim.
The Applicant submitted that due to involvement of various wings and absence of Standard Operating Procedure (SOP), the delay in…