29 April 2021
Sir my 04 clients has pending dues of Rs 01 Crore in one corporate company against the supplies made by them, the said company is under liquidation process in NCLT according to IBC 2016. The CIRP process is filed by Financial creditor and IRP was appointed by NCLT. My clients filed their claims to IRP, but the said IRP is not responding to the claims of my client. My question is being the operational creditor, can my clients file the application to the said NCLT in ongoing CIRP.
07 July 2024
Yes, as operational creditors, your clients have the right to file an application with the National Company Law Tribunal (NCLT) in the ongoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC) 2016. Here’s how they can proceed:
### Steps to File Application as Operational Creditors:
1. **Review Claim Status**: Ensure that your clients have submitted their claims to the Interim Resolution Professional (IRP) or Resolution Professional (RP) appointed by the NCLT. This is typically done by filing a Proof of Claim (PoC) within the stipulated time frame.
2. **Documentation**: Gather all relevant documentation related to the pending dues, including invoices, delivery challans, purchase orders, correspondence with the corporate debtor, and proof of delivery or services rendered.
3. **Prepare Application**: Draft an application to be filed with the NCLT. The application should outline the following: - Details of the operational debt owed by the corporate debtor to your clients. - Evidence of non-payment or default by the corporate debtor. - Steps taken by your clients to recover the dues. - Lack of response or inadequate response from the IRP or RP regarding the claims.
4. **File with NCLT**: Submit the application to the NCLT where the CIRP of the corporate debtor is ongoing. The application should be filed in the form and manner prescribed by the NCLT rules.
5. **Attend Hearings**: Once the application is filed, your clients may need to attend hearings scheduled by the NCLT. These hearings provide an opportunity to present their case and seek relief.
### Points to Consider:
- **Legal Assistance**: It is advisable to seek legal counsel to ensure compliance with procedural requirements and to strengthen the application with legal arguments and precedents.
- **Timeliness**: Act promptly to file the application within the timelines prescribed by the NCLT to safeguard your clients' interests.
- **Documentation**: Ensure all supporting documents are comprehensive and organized to substantiate the claim effectively.
- **Communication**: Maintain communication with the NCLT, IRP, or RP as required during the process to stay updated on developments related to the CIRP and your clients' claims.
By following these steps and leveraging legal guidance, your clients can pursue their claims as operational creditors effectively within the ongoing CIRP of the corporate debtor.
CAclubindia
