RP cannot accept any claim after Lapse of Extended Period of 90 days of Insolvency Commencement Date: NCLAT

The NCLAT has ruled that a resolution professional (RP) cannot accept any claim after the lapse of the extended period of 90 days from the insolvency commencement date. The case involved a corporate debtor undergoing insolvency proceedings, where a creditor sought to submit a claim after the extended period had expired. The NCLAT upheld the decision of the Adjudicating Authority, which had rejected the claim on the grounds that it was filed beyond the permissible period. This ruling reinforces the importance of adhering to the timelines specified under the IBC and ensures that the insolvency resolution process is conducted in a timely and efficient manner.