# In the matter of Parasarampuria Synthetics Ltd. IA No. 204-JPR-2019 in IB No. 155-PB-2018

> NCLT judgment dated 2019-07-11. Citation: TCN-2019-NCLT-02563. The case involves an application (IA No. 204/JPR/2019) filed by SBI Funds Management Pvt. Ltd.…

- **Court:** NCLT
- **Order date:** 11 Jul 2019
- **Citation:** TCN-2019-NCLT-02563
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/parasarampuria-synthetics-ltd-ia-no-204-jpr-2019-in-ib-no-155-pb-2018-657c31d8

## Summary

### Background

The case involves an application (IA No. 204/JPR/2019) filed by SBI Funds Management Pvt. Ltd. seeking condonation of a 12-day delay in filing a claim in Form-B before the Liquidator. The applicant claimed unawareness of the public announcement regarding the initiation of CIRP against the Corporate Debtor, which prevented timely submission of the claim. The applicant's counsel stated that they became aware of the CIRP/liquidation on 2019-03-28 and filed the claim on the same day, asserting that the delay was unintentional.

## Facts

SBI Funds Management Pvt. Ltd. filed IA No. 204/JPR/2019 seeking condonation of a 12-day delay in filing a claim in Form-B before the Liquidator. The applicant claimed they were unaware of the public announcement regarding the CIRP initiation against the Corporate Debtor. The applicant's counsel stated that they became aware of the CIRP/liquidation on 2019-03-28 and filed the claim on the same day, asserting the delay was unintentional. The delay is relevant because it could potentially bar SBI Funds Management Pvt. Ltd. from participating in the CIRP process and recovering their dues. The applicant's explanation for the delay is crucial in determining whether the delay should be condoned.

## Issues and analysis

### Issue 1: Whether the delay of 12 days in filing the claim in Form-B before the Liquidator should be …

**Ratio:** The ratio is that delays in legal proceedings can be condoned if sufficient cause is

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**Reasoning:** The court reasoned that the applicant's explanation of unawareness of the public

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**Interpretation:** This legal issue involves the interpretation of procedural rules and the

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** DEEPTI M…
- **Appellants:** Asset Reconstructi…
- **Respondents:** M/s Parasarampuria…
- **Advocates:** Amol…; Vikas…; +1 more

## Timeline

- **2019-03-28 — Applicant's Awareness…**: SBI Funds Management Pvt. Ltd. became aware of the CIRP/liquidation being initiated…
- **2019-07-11 — Order Del…**: Order delivered by the National…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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