# In the matter of Vadilal Industries Ltd. vs. Fanendra Munot & Ors.

> NCLAT judgment dated 2024-12-16. Citation: TCN-2024-NCLAT-00025. The case involves an appeal against the rejection of a claim submitted by Vadilal Industries…

- **Court:** NCLAT
- **Order date:** 16 Dec 2024
- **Citation:** TCN-2024-NCLAT-00025
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vadilal-industries-ltd-vs-fanendra-munot-ors-60964688

## Summary

### Background

The case involves an appeal against the rejection of a claim submitted by Vadilal Industries Ltd. (Appellant) after the approval of a resolution plan for Vaishno Devi Foods Pvt. Ltd. (Corporate Debtor). The Appellant had a purchase agreement with the Corporate Debtor for Skimmed Milk Powder (SMP), but the Corporate Debtor failed to complete the transaction. The Appellant filed a suit for specific performance, which was pending when the Corporate Debtor was admitted into CIRP. The Appellant's claim was rejected by the Resolution Professional (RP) and subsequently by the Tribunal due to delay. The Appellant argued that the delay should be condoned due to the Supreme Court's suo motu writ petition extending the limitation period.

## Facts

Vadilal Industries Ltd. (Appellant) entered into a purchase agreement with Vaishno Devi Foods Pvt. Ltd. (Corporate Debtor) in 2018 for Skimmed Milk Powder (SMP). The Corporate Debtor failed to complete the transaction, leading the Appellant to file a suit for specific performance before the Civil Court, Ahmedabad on 14.10.2019. While the suit was pending, the Corporate Debtor was admitted into Corporate Insolvency Resolution Process (CIRP) on 27.10.2020. The Respondent No. 1 issued a public announcement on 11.11.2020, with a last date of 24.11.2020 for submitting claims. The Committee of Creditors (CoC) approved the resolution plan of the Successful Resolution Applicant (SRA) on 18.10.2021. The Appellant filed its claim in Form B on 19.03.2022, which was rejected by

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## Issues and analysis

### Issue 1: Whether the delay in filing the claim by the …

**Ratio:** The Hon'ble Supreme Court in M/s RPS Infrastructure Ltd. Vs. Mukul Kumar & Anr. held

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**Reasoning:** The court reasoned that the Appellant, being a commercial entity, should have been aware

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**Interpretation:** The interpretation is that the IBC emphasizes timely resolution, and commercial

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**Application:** The Appellant's delay in filing the claim was not condoned because the court

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## Parties

- **Judges:** Rakesh Kuma…; Barun M…; +1 more
- **Appellants:** Vadilal Industries…
- **Respondents:** Vaishno Devi…; Fanendra Munot &…
- **Advocates:** Sandeep G…; Richa Des…; +4 more

## Timeline

- **2018-01-01 — Purchase Ag…**: Vadilal Industries Ltd. entered into a purchase agreement with Vaishno Devi Foods Pvt.…
- **2019-10-14 — Civil Suit…**: Vadilal Industries Ltd. filed a suit for specific performance before the Civil Court,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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