# In the matter of Sterling LAM Limited IA NO. 487 of 2021 in C.P. No. (IB) 72 of 2018

> NCLT judgment dated 2021-09-14. Citation: TCN-2021-NCLT-01121. The case involves an application (IA/487(AHM)2021 in CP(IB) 72 of 2018) filed under Section…

- **Court:** NCLT
- **Order date:** 14 Sept 2021
- **Citation:** TCN-2021-NCLT-01121
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sterling-lam-limited-ia-no-487-of-2021-in-cp-no-ib-72-of-2018-931bd29e

## Summary

### Background

The case involves an application (IA/487(AHM)2021 in CP(IB) 72 of 2018) filed under Section 60(5) of the Insolvency and Bankruptcy Code (IBC), 2016. The applicant, Sidmark Sales Synergy LLP, sought a direction from the National Company Law Tribunal (NCLT) to admit their claim against the Corporate Debtor, Sterling LAM Ltd. The claim was initially rejected by the Resolution Professional (RP) due to a delay in filing. The applicant contended that the delay was due to the lockdown in Maharashtra. The Corporate Debtor was admitted into the Corporate Insolvency Resolution Process (CIRP) on 2020-11-10, and Form G was published on 2021-01-30, inviting claims from borrowers and stakeholders.

## Facts

Sidmark Sales Synergy LLP filed a claim against Sterling LAM Ltd, the Corporate Debtor, during its Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated on 2020-11-10. Form G was published on 2021-01-30, inviting claims. Sidmark Sales Synergy LLP's claim was rejected by the Resolution Professional (RP) due to a delay in filing. The applicant claimed the delay was due to the lockdown in Maharashtra, submitting Form B on 2021-06-09 and via email on 2021-06-24. The RP argued that the claim was filed after the 90-day period stipulated by Regulation 12(2) of the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, which expired on 2021-02-08. The RP also stated that the Expression of Interest had been published and the CoC was

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## Issues and analysis

### Issue 1: Whether the delay in filing the claim by Sidmark Sales Synergy LLP should be condoned due to the …

**Ratio:** The IBC is a time-bound process, and adherence to timelines is mandatory for IRP/RP.

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**Reasoning:** The NCLT reasoned that the explanation of lockdown was not a valid reason for the delay,

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**Interpretation:** The court interpreted that the mandatory timelines under the IBC are crucial

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**Application:** The court applied the ratio to the facts by finding that the applicant's

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Sidmark Sales…
- **Respondents:** Sterling L…; Kailash Shah RP…

## Timeline

- **2020-11-10 — CIRP Init…**: Corporate Debtor, Sterling…
- **2021-01-30 — Publication o…**: Form G published, inviting claims…

## 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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