# 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-03591. 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-03591
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sunil-hitech-engineers-ltd-ma-1038-1217-2019-in-cpib2295mb-2018-5d54674e

## 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 before the RP. The corporate debtor is Sunil Hitech Engineers Ltd.

## Facts

Fullerton India Credit Co Ltd (Fullerton) 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, a non-banking financial company, claimed to be a Financial Creditor of Sunil Hitech Engineers Limited (Corporate Debtor), with an outstanding debt of Rs.10,01,20,996 as of 10.9.2018, the Insolvency Commencement date. The Tribunal had admitted a petition under Section 7 of IBC on 10.9.2018, and an RP was appointed on 27.11.2018. Fullerton's claim was rejected via email on 31.1.2019, leading to the application. A Secured Term Loan of Rs.9,25,00,000 and a Business Instalment Loan of Rs.1,10,00,000 were disbursed to the Corporate Debtor under a Facility Agreement dated 30.11.2015. The

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## Issues and analysis

### Issue 1: Whether MA 1038/2019 should be allowed, directing the Respondent to accept the applicant's claim, …

**Ratio:** The CIRP Regulations provide a 90-day period for accepting claims. However, the court has

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**Reasoning:** The court reasoned that if the resolution plan is approved without considering the

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**Interpretation:** The interpretation of CIRP Regulations regarding claim submission deadlines is

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**Application:** The court applied this reasoning by allowing MA 1038/2019, subject to the

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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 — Petition Ad…**: Tribunal admitted the Petition…
- **2018-11-27 — RP Appoin…**: RP was appointed to…

## 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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