The Supreme Court on Monday (February 12) observed that the claim submitted by the Resolution Applicant (“RA”) under the Corporate Insolvency Resolution Process (“CIRP”) cannot be rejected/overlooked.
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However, the NCLAT also said, "We do not agree with the finding of the Adjudicating Authority that the Section 9 application was time-barred and hit by limitation". Meanwhile, the appellate tribunal said the operational creditor has the liberty to seek remedy of its contractual disputes before any other appropriate forum.