# In the matter of Bhadreshwar Vidyut Private Limited

> NCLT judgment dated 2024-09-25. Citation: TCN-2024-NCLT-00551. The case involves two Interlocutory Applications (IAs), IA(IBC)/1603(CHE)/2024 and…

- **Court:** NCLT
- **Order date:** 25 Sept 2024
- **Citation:** TCN-2024-NCLT-00551
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bhadreshwar-vidyut-private-limited-ebdf088f

## Summary

### Background

The case involves two Interlocutory Applications (IAs), IA(IBC)/1603(CHE)/2024 and IA(IBC)/1604(CHE)/2024, filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Regulation 13 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 and Rule 11 of NCLT Rules, 2016. The applications were filed by the Resolution Professional (RP) of M/s. Bhadreshwar Vidyut Private Limited, the Corporate Debtor (CD), seeking condonation of delay in the submission of claims by Supreme Industries Limited and Responsive Industries Limited, respectively, in the ongoing Corporate Insolvency Resolution Process (CIRP) of the CD. The CIRP was initiated on 18.10.2022. The RP issued a public announcement on 26.10.2022, setting the last date for

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## Facts

The Corporate Debtor, M/s. Bhadreshwar Vidyut Private Limited, underwent Corporate Insolvency Resolution Process (CIRP) initiated on 18.10.2022. Hitesh Goel is the Resolution Professional (RP). Supreme Industries Limited and Responsive Industries Limited, the Respondents, filed their claims with delays of 290 and 380 days respectively beyond the 90-day limitation period from the Insolvency Commencement Date (ICD). The RP issued a public announcement on 26.10.2022, with the last date for submission of claims being 01.11.2022. The Respondents provided reasons for the delay, citing issues related to captive generator status and pending legal matters. The Committee of Creditors (CoC) in its 32nd meeting on 18.06.2024, recommended admission of the delayed claims. The RP

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## Issues and analysis

### Issue 1: Whether the delay in submitting claims by Supreme Industries Limited in the CIRP of M/s. …

**Ratio:** Regulation 12(1) of the IBBI (Insolvency Resolution Process for Corporate Persons)

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**Reasoning:** The court considered the reasons provided by Supreme Industries Limited for the delay,

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**Interpretation:** The regulations are interpreted to allow for condonation of delay in submitting

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**Application:** In this case, Supreme Industries Limited filed its claim with a delay, but

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## Parties

- **Judges:** JYOTI KUMAR…; Venkataraman…
- **Appellants:** Hitesh…
- **Respondents:** M/s. Bhadreshwar…; M/S SUPREME…

## Timeline

- **2022-10-18 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated for M/s. Bhadreshwar Vidyut…
- **2022-10-26 — Public Annou…**: Resolution Professional (RP) issued a public announcement setting the last date for…

## 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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