# In the matter of Tiffins Barytes Asbestos & Paints Ltd. IA-(IB)-143-2020 in CP-39-IB-2018

> NCLT judgment dated 2020-02-28. Citation: TCN-2020-NCLT-01747. The case involves two applications, IA(IB)/143/2020 and IA(IB)/145/2020, both filed in…

- **Court:** NCLT
- **Order date:** 28 Feb 2020
- **Citation:** TCN-2020-NCLT-01747
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tiffins-barytes-asbestos-paints-ltd-ia-ib-143-2020-in-cp-39-ib-2018-197755fb

## Summary

### Background

The case involves two applications, IA(IB)/143/2020 and IA(IB)/145/2020, both filed in CP/39/IB/2018 by the same applicant. The first application seeks condonation of a 57-day delay in filing a claim form with the Resolution Professional (RP). The second application requests the RP to consider a claim dated 24.10.2019. The applicant claims they were not notified of the CIRP initiation by either the Corporate Debtor or the IRP. By the time the applicant became aware of the CIRP, the Resolution Plan had already been approved.

## Facts

Gimpex Pvt Ltd filed two applications, IA(IB)/143/2020 and IA(IB)/145/2020, in CP/39/IB/2018, related to the Corporate Insolvency Resolution Process (CIRP) of Tiffin's Barytes Asbestos & Paints Ltd. The first application sought condonation of a 57-day delay in filing a claim form. The second application requested the Resolution Professional (RP) to consider a claim dated 24.10.2019. The applicant claimed they were not notified about the CIRP initiation. The Resolution Plan had already been approved when the applicant became aware of the CIRP. The RP's counsel argued that a public notice had already been issued, serving as notice to all concerned. The Hon'ble NCLAT stayed the Resolution Plan. The applicant failed to lodge the claim with the RP within the specified

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## Issues and analysis

### Issue 1: Whether the delay of 57 days in filing the claim form by Gimpex Private Ltd before the Resolution …

**Ratio:** The principle is that claims lodged after the approval of the Resolution Plan, which have

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**Reasoning:** The court reasoned that the Resolution Plan had already been approved, and the

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**Interpretation:** This interprets the IBC to prioritize the timely resolution of insolvency and

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**Application:** The ratio and reasoning were applied to the fact that Gimpex Pvt Ltd's claim

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## Parties

- **Judges:** R. VARADH…; Anil Ku…
- **Appellants:** GIMPEX PV…
- **Respondents:** TIFFIN'S BARYTES…
- **Advocates:** K. Rev…; Ramani Ma…

## Timeline

- **2018-01-01 — CP/39/IB/2018…**: Filing of CP/39/IB/2018, the…
- **2019-10-24 — Claim Da…**: Date of the claim filed by…

## 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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