# In the matter of Sunil Hitech Engineers Ltd. MA 1038 & 1217-2019 in CP(IB)2295(MB)-2018

> NCLT judgment dated 2019-05-01. Citation: TCN-2019-NCLT-03600. The case involves two applications, MA 1038/2019 filed by Fullerton India Credit Co Ltd and MA…

- **Court:** NCLT
- **Order date:** 1 May 2019
- **Citation:** TCN-2019-NCLT-03600
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sunil-hitech-engineers-ltd-ma-1038-1217-2019-in-cpib2295mb-2018-1712fd8a

## Summary

### Background

The case involves two applications, MA 1038/2019 filed by Fullerton India Credit Co Ltd and MA 1217/2019 filed by Entire Infratech Pvt Ltd, both related to a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016. MA 1038/2019 concerns the rejection of Fullerton India's claim by the Resolution Professional (RP), while MA 1217/2019 seeks condonation of delay in filing claims by Entire Infratech Pvt Ltd before the RP. The initial petition under Section 7 of IBC, filed by Fullerton India, was admitted on 10.9.2018, and an RP was appointed. Entire Infratech's petition under Section 9 was dismissed on 4.3.2019, with liberty to file a claim before the RP.

## Facts

Fullerton India Credit Co Ltd filed MA 1038/2019 seeking direction to the Respondent to allow applicant's claim dated 14.1.2019 made in FORM 'C' before the Respondent. Fullerton India, a non-banking financial company, is a Financial Creditor of the Corporate Debtor, Sunil Hitech Engineers Limited, with an outstanding debt of Rs.10,01,20,996 as of the Insolvency Commencement date (10.9.2018). A petition under Section 7 of IBC was admitted on 10.9.2018. Fullerton India disbursed a Secured Term Loan of Rs.9,25,00,000 and a Business Instalment Loan of Rs.1,10,00,000 to the Corporate Debtor under a Facility Agreement dated 30.11.2015. The Corporate Debtor defaulted on payments, leading Fullerton India to issue a notice under Section 13(2) of SARFAESI Act, 2002 on 10.8.2018.

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## Issues and analysis

### Issue 1: Whether the rejection of Fullerton India Credit Co Ltd's claim by the Resolution Professional was …

**Ratio:** Regulation 12 of the CIRP Regulations, 2016 provides a 90-day period for acceptance of

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**Reasoning:** The court reasoned that while the CIRP Regulations specify a timeline for submitting

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**Interpretation:** The court interpreted Regulation 12 as providing a guideline for claim

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**Application:** The court applied the ratio by allowing MA 1038/2019, subject to the payment of

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## Parties

- **Judges:** V. P. S…; RavikumarDu…
- **Appellants:** Fullerton India…
- **Respondents:** Sunil Hitech…; Ashish Arjunkumar…
- **Advocates:** Rushabh…; Abhishek…; +2 more

## Timeline

- **2018-09-10 — Admission of Section 7…**: Tribunal admitted the Petition under Section 7 of IBC, 2016 filed by Fullerton India…
- **2018-11-27 — Appointment…**: Resolution Professional was…

## 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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