# In the matter of Zicom Sass Private Limited I.A. No. 1511 of 2021 in C.P. (IB) No. 219 of 2019

> NCLT judgment dated 2021-09-02. Citation: TCN-2021-NCLT-01212. Tata Capital Financial Services Limited, an operational creditor of Zicom Sass Private Limited…

- **Court:** NCLT
- **Order date:** 2 Sept 2021
- **Citation:** TCN-2021-NCLT-01212
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/zicom-sass-private-limited-ia-no-1511-of-2021-in-cp-ib-no-219-of-2019-0df0de07

## Summary

### Background

Tata Capital Financial Services Limited, an operational creditor of Zicom Sass Private Limited (the corporate debtor), filed an application seeking intervention and directions under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 14 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. The application contests the rejection of a revised claim by the Resolution Professional (RP) after the initial claim was partially admitted. The corporate insolvency resolution process (CIRP) was initiated against Zicom Sass Private Limited following an application by Punjab National Bank, a financial creditor.

## Facts

Punjab National Bank initiated CIRP against Zicom Sass Private Limited, leading to the appointment of an Interim Resolution Professional (IRP). Tata Capital Financial Services Limited, an operational creditor, initially submitted a claim under Form C (Financial Creditor) which was later corrected to Form B (Operational Creditor). The RP admitted a portion of the initial claim (Rs. 95,18,542.21 out of Rs. 1,05,71,482.26). Tata Capital later submitted a revised claim for Rs. 11,79,81,158.21, citing difficulties in accessing documents due to lockdown restrictions. The RP rejected the revised claim, stating that the deadline for claim submission had passed and resolution plans had already been received. The applicant argued that the RP has the power to revise claims under

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## Issues and analysis

### Issue 1: Whether the Resolution Professional was justified in rejecting the revised claim submitted by Tata …

**Ratio:** Regulation 12(2) of the Notification No. IBBI/2018-19/GN/REG031 dated 03.07.2018 (w.e.f.

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**Reasoning:** The NCLT reasoned that the applicant was at fault for submitting the claim after the

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**Interpretation:** Regulation 12(2) sets an outer limit of 90 days from the insolvency

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**Application:** The NCLT applied this principle to the portion of the claim related to arrears

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** Tata Capital…
- **Respondents:** Zicom Sass…; Santanu T…

## Timeline

- **2015-05-14 — Master Lease A…**: Tata Capital Financial Services Limited entered into a Master Lease Agreement with Zicom…
- **2019-01-01 — CP (IB) No. 21…**: Punjab National Bank filed CP 219 of 2019…

## 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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