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

> NCLAT judgment dated 2023-10-11. Citation: TCN-2023-NCLAT-00129. 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-00129
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/prem-kumar-khatri-ors-vs-wianxx-impex-pvt-ltd-d1d73b86

## 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 upheld the RP's decision, leading to the present appeal before the NCLAT.

## Facts

Prem Kumar Khatri and Charu Arora (father and daughter) are the Appellants. They filed claims as creditors in the Corporate Insolvency Resolution Process (CIRP) of Wianxx Impex Pvt. Ltd. based on a Memorandum of Understanding (MoU) dated 12.07.2014, where they provided a loan of Rs. 10 lakhs each to Wianxx Impex Pvt. Ltd. In return, Wianxx Impex Pvt. Ltd. agreed to earmark specific office blocks as security. The Appellants filed their claim application on 01.03.2023, which was rejected by the Resolution Professional (RP) due to a delay. The Adjudicating Authority (AA) rejected the Appellants' application for condonation of delay on 24.03.2023, noting a delay of 1270 days and that the Resolution Plan was already approved by the Committee of Creditors (CoC). The

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## Issues and analysis

### Issue 1: Whether the delay in filing the claim by the Appellants in the CIRP of Wianxx Impex Pvt. Ltd. …

**Ratio:** The ratio is based on Section 12(2) of the Limitation Act, 1963, which allows for the

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**Reasoning:** The court reasoned that the delay in filing the claim was inordinate (1270 days) and that

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**Interpretation:** The interpretation is that while delays can be condoned, there is a limit,

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**Application:** The court applied this reasoning to the facts by noting that the Appellants

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## Parties

- **Judges:** Anant Bijay…; Ajai Das Me…
- **Appellants:** Prem Kumar…
- **Respondents:** Wianxx Impex Pvt.…; M/s. Wianxx Impex…
- **Advocates:** Sanjeev Sri…; Asmita D…; +1 more

## Timeline

- **2014-07-12 — MoU between Appellants…**: Appellants entered into a Memorandum of Understanding (`MoU') with Respondent No. 1 -…
- **2019-01-23 — Initial CIRP and…**: Respondent No. 1 was admitted in Corporate Insolvency Resolution Process (`CIRP') against…

## 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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