# In the matter of Punjab National Bank Vs. Mr. Animesh Mukhopadhyay Company Appeal (AT) (Insolvency) No. 1082 of 2021

> NCLAT judgment dated 2022-04-21. Citation: TCN-2022-NCLAT-00524. Punjab National Bank (PNB) filed an appeal against an order passed by the Adjudicating…

- **Court:** NCLAT
- **Order date:** 21 Apr 2022
- **Citation:** TCN-2022-NCLAT-00524
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/punjab-national-bank-vs-mr-animesh-mukhopadhyay-company-appeal-d16657bb

## Summary

### Background

Punjab National Bank (PNB) filed an appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal, Kolkata Bench) regarding the Corporate Insolvency Resolution Process (CIRP) of Purple Advertising. PNB's claim, initially filed by United Bank of India (later merged with PNB), was rejected by the Resolution Professional (RP) for being filed after the stipulated 90-day period. PNB obtained an order condoning the delay but submitted proof of claim after the 270-day CIRP period expired. The Adjudicating Authority directed the Committee of Creditors (CoC) to consider a resolution plan submitted by Loka Properties Pvt. Ltd., excluding PNB's claim. PNB argued that its claim should be considered, which would increase its voting share in the CoC.

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## Facts

The Corporate Insolvency Resolution Process (CIRP) of Purple Advertising was initiated on 20.11.2019. The 90-day period for submitting claims ended on 29.12.2020. United Bank of India (UBI), later merged with Punjab National Bank (PNB), filed a claim on 08.03.2020. The Resolution Professional (RP) rejected the claim on 18.03.2021, citing it was filed after the 90-day period. PNB obtained an order on 08.04.2021 condoning the delay. The RP requested proof of claim on 10.04.2021, which PNB submitted on 20.04.2021. The 270-day CIRP period expired on 12.04.2021. The RP rejected the documents as being submitted beyond the 270-day period. PNB filed I.A. No. 1078 of 2021 seeking direction to the RP to verify its claim. The Adjudicating Authority directed the CoC to consider

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in …

**Ratio:** The Adjudicating Authority has the power to condone delays in the interest of justice and

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**Reasoning:** The NCLAT found that the Adjudicating Authority had already condoned the initial delay in

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**Interpretation:** The Adjudicating Authority's power to condone delays should be exercised

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**Application:** In this case, the NCLAT found that the Adjudicating Authority erred in

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## Parties

- **Judges:** Ashok Bh…; Alok Sriv…; +1 more
- **Appellants:** Punjab National…
- **Respondents:** Zenith Finesee…; Animesh Mukhopadhy…
- **Advocates:** Rajesh Kumar…; Anant G…; +9 more

## Timeline

- **2019-11-20 — CIRP Init…**: CIRP of Purple…
- **2019-11-25 — Public Annou…**: Public announcement…

## 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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