# In the matter of Leo Primecomp Private Limited IA-814-IB-2020 in IBA-578-2019

> NCLT judgment dated 2021-06-10. Citation: TCN-2021-NCLT-01987. The Assistant Commissioner of Customs (EPCG-EODC) filed an application under Section 60(5) of…

- **Court:** NCLT
- **Order date:** 10 Jun 2021
- **Citation:** TCN-2021-NCLT-01987
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/leo-primecomp-private-limited-ia-814-ib-2020-in-iba-578-2019-53094542

## Summary

### Background

The Assistant Commissioner of Customs (EPCG-EODC) filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking condonation of delay in filing a claim before the Resolution Professional of the Corporate Debtor, M/s. Leo Primecomp Private Limited. The applicant's claim arises from 5 EPCG Authorisations obtained by the Corporate Debtor between 17.03.2010 and 13.10.2011, under which the Corporate Debtor imported capital goods and availed customs duty exemption. The applicant states that the Corporate Debtor failed to fulfill its export obligation within the stipulated period, resulting in a liability of Rs.35,62,07,300/- including duty and interest. The CIRP against the Corporate Debtor commenced on 24.07.2019, and the applicant filed its

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## Facts

M/s. Leo Primecomp Private Limited (Corporate Debtor) obtained 5 EPCG Authorisations between 17.03.2010 and 13.10.2011, allowing them to import capital goods with customs duty exemption. The Assistant Commissioner of Customs (Applicant) claims that the Corporate Debtor failed to meet export obligations, resulting in a liability of Rs. 35,62,07,300/- (including duty and interest). CIRP commenced against the Corporate Debtor on 24.07.2019. The Applicant filed a claim on 12.03.2020, 217 days after the deadline of 10.08.2019. The Applicant sought condonation of this delay. The Respondents argued the delay was unjustified and the claim was unquantifiable due to pending finalization of exemption by the EPCG Committee. The Applicant was informed of the CIRP commencement. The

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## Issues and analysis

### Issue 1: Whether the delay of 217 days in filing the claim by the Assistant Commissioner of Customs can be …

**Ratio:** The Hon'ble Tribunals have condoned delays in filing claims even after the time period of

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**Reasoning:** The court considered precedents where delays were condoned, but emphasized the need for a

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**Interpretation:** Section 60(5) of the IBC grants the NCLT the power to adjudicate on

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**Application:** In this case, the court found that the applicant failed to provide a sufficient

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## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Appellants:** The Assistant…
- **Respondents:** M/s. Leo Primecomp…
- **Advocates:** V. Maniv…; Arvind Raj…

## Timeline

- **2010-03-17 — EPCG Authorisations…**: M/s. Leo Primecomp Private Limited obtained 5 EPCG Authorisations between 17.03.2010 and…
- **2011-10-13 — EPCG Authorisations…**: M/s. Leo Primecomp Private Limited obtained 5 EPCG Authorisations between 17.03.2010 and…

## 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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