# In the matter of Prem Kumar Khatri & Ors. vs. Wianxx Impex Pvt. Ltd.

> NCLAT judgment dated 2023-10-11. Citation: TCN-2023-NCLAT-00126. The case involves an appeal against an order passed by the National Company Law Tribunal…

- **Court:** NCLAT
- **Order date:** 11 Oct 2023
- **Citation:** TCN-2023-NCLAT-00126
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/prem-kumar-khatri-ors-vs-wianxx-impex-pvt-ltd-3ea1c97a

## Summary

### Background

The case involves an appeal against an order passed by the National Company Law Tribunal (NCLT), New Delhi, which rejected the appellants' application for condonation of delay in filing their claim in the Corporate Insolvency Resolution Process (CIRP) of Wianxx Impex Pvt. Ltd. The appellants, Prem Kumar Khatri and Charu Arora, had entered into a Memorandum of Understanding (MoU) with Wianxx Impex Pvt. Ltd. in 2014, providing a loan of Rs. 10 lakhs each. The appellants filed their claim with the Resolution Professional (RP) on 01.03.2023, which was rejected due to a significant delay of 1270 days. The NCLT also rejected their application for condonation of delay, leading to the present appeal before the NCLAT.

## Facts

Prem Kumar Khatri and Charu Arora (Appellants) provided a loan of Rs. 10 lakhs each to Wianxx Impex Pvt. Ltd. (Respondent No. 1) in 2014, evidenced by a Memorandum of Understanding (MoU) dated 12.07.2014. The MoU stipulated that the Appellants would be provided with security in the form of earmarked office blocks in the Respondent's upcoming project. The Respondent No. 1 agreed to pay interest at 2.5% per month. The MoU was extended on 27.11.2015 and 09.04.2016. Wianxx Impex Pvt. Ltd. was admitted into Corporate Insolvency Resolution Process (CIRP). The Appellants filed their claim with the Resolution Professional (RP) on 01.03.2023, which was rejected by the RP. The NCLT rejected the Appellants' application for condonation of delay in filing the claim, citing a delay

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## Issues and analysis

### Issue 1: Whether the delay of 1270 days in filing the claim in the CIRP of Wianxx Impex Pvt. Ltd. should be …

**Ratio:** The ratio is that claims filed after the approval of the resolution plan by the Committee

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**Reasoning:** The court reasoned that allowing claims after the resolution plan has been approved by

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**Interpretation:** This interprets the IBC to prioritize timely resolution and discourages belated

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**Application:** The court applied this ratio to the facts of the case, noting the inordinate

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## Parties

- **Judges:** Anant Bijay…; Ajai Das Me…
- **Appellants:** Prem Kumar…
- **Respondents:** Wianxx Impex Pvt.…

## Timeline

- **2014-07-12 — MoU Exec…**: Appellants entered into a Memorandum of Understanding (MoU) with Respondent No. 1,…
- **2015-11-27 — MoU Exte…**: The said MoU were extended subsequently by letter dated 27.11.2015 by the Respondent No.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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