# In the matter of BS Limited

> NCLT judgment dated 2023-09-15. Citation: TCN-2023-NCLT-01595. The case involves two Interlocutory Applications (IAs). IA 318/2022 was filed by Power Grid…

- **Court:** NCLT
- **Order date:** 15 Sept 2023
- **Citation:** TCN-2023-NCLT-01595
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bs-limited-997f713c

## Summary

### Background

The case involves two Interlocutory Applications (IAs). IA 318/2022 was filed by Power Grid Corporation of India Limited seeking condonation of delay in filing a claim against the liquidator of BS Ltd. IA 143/2020 was filed by Aparna Constructions and Estates Pvt. Ltd. against BS Limited, the Corporate Debtor (CD), seeking directions for the Liquidator to remove its name from the list of Trade Debtors/Trade Receivables/debit balances. The CIRP against BS Limited commenced on 01.11.2018, and a liquidator was appointed after the rejection of the resolution plan. The Resolution Professional (RP) identified an invoice suggesting an amount receivable from Aparna Constructions, which Aparna denied. The liquidator continued to rely on the documents obtained from CD's records

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## Facts

The Corporate Insolvency Resolution Process (CIRP) against BS Limited commenced on 01.11.2018. A Resolution Professional (RP) was appointed, and later a Liquidator was appointed after the rejection of the resolution plan. During the CIRP, the RP identified an invoice dated 17.12.2015 suggesting that Aparna Constructions and Estates Pvt. Ltd. owed Rs.11,72,41,124/- to BS Limited. Aparna Constructions denied any relationship with BS Limited and did not acknowledge the debt. The RP presented a computer-generated tally accounting package unsigned ledger statement. Aparna Constructions requested a certified copy of the purchase order but received no response. Subsequently, on 20.12.2019, Aparna Constructions received a notice for payment of dues from the Liquidator and

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## Issues and analysis

### Issue 1: Whether the delay in filing the claim by Power Grid Corporation of India Limited in IA No. 318/2022 …

**Ratio:** The court has the discretion to condone delays in filing claims, especially when the

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**Reasoning:** The court considered that the assets of the Corporate Debtor were yet to be liquidated

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**Interpretation:** The principle is that delays can be condoned if the circumstances warrant it,

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**Application:** The court applied the ratio to the facts of the case and condoned the delay,

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## Parties

- **Judges:** SHRI. RAJEEV…; SHRI. SANJA…
- **Appellants:** Power Grid…
- **Respondents:** BS LIM…; BS L…

## Timeline

- **2018-11-01 — CIRP Commen…**: Corporate Insolvency Resolution Process…
- **2019-10-17 — Liquidation…**: An order for Liquidation was passed by the Authority after rejection of the Rsolution…

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