# In the matter of Videocon Industries Limited IA 206 & 259-2021 in CP No. 02 (IB)-MB-C-Ii-2018

> NCLT judgment dated 2021-09-29. Citation: TCN-2021-NCLT-00947. Subham Capital Private Limited and Shyam Sel & Power Limited, as applicants, filed…

- **Court:** NCLT
- **Order date:** 29 Sept 2021
- **Citation:** TCN-2021-NCLT-00947
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/videocon-industries-limited-ia-206-259-2021-in-cp-no-02-ib-mb-c-ii-2018-91669c45

## Summary

### Background

Subham Capital Private Limited and Shyam Sel & Power Limited, as applicants, filed Interlocutory Applications IA 206/2021 and IA 259/2021 respectively, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, r/w 11 of National Company Law Tribunal Rules, 2016, seeking condonation of delay in submitting their claim forms against the Resolution Professional (RP) in the Corporate Insolvency Resolution Process (CIRP) of Videocon Industries Limited. The applicants, based in Kolkata, claimed they were unaware of the CIRP until November 2020 and submitted their claims shortly after discovering the notification issued by the RP. The RP opposed the applications, stating that the claims were filed after the commencement of voting by the Committee of Creditors (CoC)

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## Facts

Subham Capital Private Limited and Shyam Sel & Power Limited filed applications IA 206/2021 and IA 259/2021, respectively, seeking condonation of delay in submitting claim forms. Subham Capital Private Limited had an outstanding amount of Rs. 3,00,00,000/- (Rupees Three Crores Only) with interest, advanced as an Inter Corporate Deposit to Videocon Industries Limited on 28.07.2016. Shyam Sel & Power Limited had an outstanding amount of Rs. 2,00,00,000/- (Rupees Two Crores Only) with interest, advanced as an Inter Corporate Deposit to Videocon Industries Limited on 08.02.2016. The Corporate Debtor issued receipts and demand promissory notes for both deposits. Cheques issued by the Corporate Debtor for repayment were dishonored. The applicants claimed they were

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## Issues and analysis

### Issue 1: Whether the delay in submitting the claim …

**Ratio:** The NCLT has the discretion to condone delays in certain circumstances, especially when

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**Reasoning:** The NCLT considered the applicant's explanation for the delay, which was attributed to a

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**Interpretation:** The interpretation of the IBC allows for some flexibility in accepting claims

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**Application:** The NCLT condoned the delay in filing the claim to the extent that the RP was

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## Parties

- **Judges:** Ashok Kumar…; Shyam Babu…
- **Appellants:** Subham Capital…
- **Respondents:** Videocon Industrie…; Abhijit Guhathakur…

## Timeline

- **2016-02-08 — Inter Corporate Deposit by Shyam Sel & Power…**: Shyam Sel & Power Limited advanced Rs.…
- **2016-07-28 — Inter Corporate Deposit by Subham Capital…**: Subham Capital Private Limited advanced Rs.…

## 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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