# In the matter of Piyush Colonisers Limited (IB)-449(PB)/2019

> NCLT judgment dated 2020-03-12. Citation: TCN-2020-NCLT-01593. The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 12 Mar 2020
- **Citation:** TCN-2020-NCLT-01593
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/piyush-colonisers-limited-ib-449pb2019-cb51ad3b

## Summary

### Background

The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, regarding the Corporate Insolvency Resolution Process (CIRP) initiated against Piyush Colonisers Ltd. The CIRP was initiated, and the 90-day period had concluded on 2019-12-29. Subsequently, 66 home-buyers filed claims, which were admitted as of 2020-02-25. The Resolution Professional (RP) sought clarification regarding Sub-regulation (3) of Regulation 12 of the CIRP Regulations, 2016, specifically concerning the admission of claims by financial creditors and creditors in a class after the expiry of the 90-day period.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Piyush Colonisers Ltd. Under Section 7 of the IBC, 2016. The initial 90-day period for CIRP concluded on 2019-12-29. Following this, 66 home-buyers filed claims, which were admitted as of 2020-02-25. The Resolution Professional (RP) sought clarification regarding the interpretation of Regulation 12(3) of the CIRP Regulations, 2016, specifically concerning the admission of claims by financial creditors and creditors in a class after the initial 90-day period. The court noted that sub-regulation (3) of Regulation 12 does not explicitly refer to Regulation 8A, potentially affecting the rights of financial creditors belonging to a class of creditors. The relevance of these facts lies in determining

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## Issues and analysis

### Issue 1: Whether the claim of the Financial Creditor other than Financial Creditors belonging to a class of …

**Ratio:** Regulation 12 of the CIRP Regulations governs the submission of proof of claims.

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**Reasoning:** The court observes that sub-regulation (3) of Regulation 12 does not explicitly refer to

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**Interpretation:** The interpretation of Regulation 12(3) is crucial to determine whether

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**Application:** The issue arises because the RP seeks clarification on whether claims filed by

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## Parties

- **Judges:** Ch. Mohd Sharief…; Sh. Hemant Kumar…
- **Appellants:** Oriental Bank of…
- **Respondents:** Piyush Colonisers…; M/s. Piyush…

## Timeline

- **2019-12-29 — Completion of 90-day…**: The 90-day period for the Corporate Insolvency Resolution Process (CIRP) against Piyush…
- **2020-02-25 — Home-buyers fi…**: 66 home-buyers filed…

## 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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