# In the matter of Bank of Baroda vs. G. Praveen Kumar

> NCLT judgment dated 2024-02-01. Citation: TCN-2024-NCLT-02820. The case involves an application (IA No. 1889 of 2023) filed by the Resolution Professional…

- **Court:** NCLT
- **Order date:** 1 Feb 2024
- **Citation:** TCN-2024-NCLT-02820
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-baroda-vs-g-praveen-kumar-f209d86d

## Summary

### Background

The case involves an application (IA No. 1889 of 2023) filed by the Resolution Professional (RP) of M/s. VNR Infrastructures Limited in a Company Petition (CP(IB) No. 302/95/HDB/2022) filed by Bank of Baroda against Mr. G. Praveen Kumar, who is the Personal Guarantor to M/s. VNR Infrastructure Limited. The application seeks condonation of delay in submitting a report, orders regarding the rejection of the repayment plan by creditors, and orders for the payment of the Resolution Professional's fees and expenses. The Company Petition was admitted on 30.01.2023, and Mr. Kedari Narsimha Rao was appointed as the RP.

## Facts

Bank of Baroda filed a Company Petition (CP(IB) 302/95/HDB/2022) under Section 95 of the Insolvency & Bankruptcy Code, 2016 against Mr. G. Praveen Kumar, the Personal Guarantor to M/s. VNR Infrastructure Limited. The petition was admitted on 30.01.2023, and Mr. Kedari Narsimha Rao was appointed as the Resolution Professional (RP). The RP submitted a report under section 99 of IBC on 14.02.2023. A public announcement was made on 01.07.2023, inviting claims from stakeholders. Claims amounting to Rs.2591,98,58,558.55 were received, and claims of Rs.2185,84,33,967.56 were admitted. The RP prepared and submitted a repayment plan on 05.08.2023, envisaging the repayment of Rs.20,00,000/- to creditors and Rs.5,00,000/- towards insolvency resolution process costs. The

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## Issues and analysis

### Issue 1: Whether the delay of 34 days in submitting the report under Section 112(1) of the IBC should be …

**Ratio:** The court has the discretion to condone delays based on the facts and circumstances of

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**Reasoning:** The delay arose because the creditors requested the Resolution Professional to extend the

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**Interpretation:** Section 112(1) requires timely submission of reports. However, the provision

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**Application:** The court condoned the delay, considering the reasons provided by the

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Bank of B…
- **Respondents:** V.N.R.Infrastructu…; VNR Infrastructure…; +1 more

## Timeline

- **2023-01-30 — Admission of Company…**: Company Petition (CP(IB) 302/95/HDB/2022) filed by Bank of Baroda against Mr. G. Praveen…
- **2023-02-09 — Communication Received…**: The communication regarding…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95 — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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