# In the matter of Ansal Urban Condominiums Private Limited & Ors.

> NCLT judgment dated 2024-03-05. Citation: TCN-2024-NCLT-02221. The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read…

- **Court:** NCLT
- **Order date:** 5 Mar 2024
- **Citation:** TCN-2024-NCLT-02221
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ansal-urban-condominiums-private-limited-ors-a0f3afee

## Summary

### Background

The application was filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of NCLT Rules, 2016, by Vistra ITCL India Limited, the Operational Creditor, seeking directions to Ansal Urban Condominiums Private Limited, the Corporate Debtor, for verification and admission of the Applicant's claim. The CIRP was initiated on 10.03.2022. The Applicant submitted its claim on 21.04.2022, but received no response. Instead, the Respondent sent a notice dated 09.05.2023, asking the Applicant to transfer Rs. 4,90,55,307.74 to the Corporate Debtor. The Applicant responded on 13.09.2023, denying any debt. The Resolution Professional republished the Invitation of Expression of Interest (Form-G) on 21.06.2022. The Resolution Plan submitted by One City

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## Facts

Vistra ITCL India Limited (Applicant) filed an application against Ansal Urban Condominiums Private Limited (Respondent/Corporate Debtor) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions for the Respondent to verify and admit the Applicant's claim. The CIRP was initiated on 10.03.2022. The Applicant submitted its claim on 21.04.2022 for Rs.8,06,58,074.30. The Respondent did not acknowledge the claim. Instead, on 09.05.2023, the Respondent sent a notice to the Applicant demanding Rs. 4,90,55,307.74. The Applicant responded on 13.09.2023, denying any debt. The Resolution Professional republished the Invitation of Expression of Interest (Form-G) on 21.06.2022. The Resolution Plan submitted by One City Infrastructure was approved by the

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## Issues and analysis

### Issue 1: Whether the Respondent should be directed to …

**Ratio:** The principle of timely submission of claims in the CIRP process is crucial for the

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**Reasoning:** The court reasoned that the Applicant filed its claim in Form CA on 31.08.2023, which was

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**Interpretation:** This issue involves the interpretation of the IBC regarding the timeline for

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** ATUL CHAT…; BACHU VENKAT…
- **Appellants:** Vistra ITCL…
- **Respondents:** Ansal Urban…

## Timeline

- **2022-03-10 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) commenced by an order of the Tribunal in…
- **2022-03-14 — Public Annou…**: Respondent made Public Announcement in Form A for intimation of initiation of CIRP of the…

## 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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