The National Company Law Tribunal (NCLT) has dismissed an application filed by ICP (India) Private Limited seeking admission of its operational debt claim against Southern Batteries Private Limited during liquidation, holding that a claim submitted 398 days after the prescribed deadline cannot be entertained once the liquidation process has substantially progressed.
The Corporate Insolvency Resolution Process (CIRP) against Southern Batteries Private Limited had been initiated on February 19, 2020, on a petition filed by Allahabad Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). Following failure of the resolution process, the corporate debtor was ordered into liquidation and a liquidator was…