# In the matter of Cura Technologies Ltd.

> NCLT judgment dated 2023-08-09. Citation: TCN-2023-NCLT-02105. Union Bank of India filed an application seeking to condone the delay in submitting its claim…

- **Court:** NCLT
- **Order date:** 9 Aug 2023
- **Citation:** TCN-2023-NCLT-02105
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/cura-technologies-ltd-c889c36b

## Summary

### Background

Union Bank of India filed an application seeking to condone the delay in submitting its claim to the Insolvency Resolution Professional (IRP) and to direct the IRP to admit the claim. The bank's claim of Rs.8,73,86,796.81 was rejected by the IRP because it was received after the 90-day period from the commencement of the Corporate Insolvency Resolution Process (CIRP). The bank argued that it was not informed about the CIRP initiation and that the public announcement was published in newspapers with limited circulation. The Respondent contended that the application was not maintainable, as the CoC had already approved a Resolution Plan, and the RP had complied with paper publication. The Respondent also argued that Regulation 6A, which requires the IRP to inform all

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## Facts

Union Bank of India (Applicant) sought to condone a delay in submitting a claim of Rs.8,73,86,796.81 to the IRP in a CIRP against Cura Technologies Limited (Corporate Debtor). The IRP rejected the claim because it was filed after the 90-day period from the CIRP commencement date. The Applicant argued they were unaware of the CIRP due to publication in newspapers with limited circulation and a merger between Andhra Bank and Union Bank. The Respondent (unspecified) argued the application was not maintainable because the CoC approved a Resolution Plan and the RP complied with publication requirements. The Applicant claimed they learned about the CIRP through discussions on OTS with a director of the Corporate Debtor on 2022-11-05. The public announcement was published on

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## Issues and analysis

### Issue 1: Whether the delay in submitting the claim by Union …

**Ratio:** The court has the discretion to condone delays in certain circumstances, especially when

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**Reasoning:** The court considered the Applicant's explanation for the delay, including the limited

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**Interpretation:** The court interpreted the relevant provisions of the IBC and the IBBI

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**Application:** The court applied the ratio to the specific facts of the case, considering the

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## Parties

- **Judges:** TELAPROLU…; SH. CHARAN…
- **Appellants:** Union Bank of…
- **Respondents:** Cura Technologies…; M. Madhusudhana…

## Timeline

- **2022-04-12 — Public Annou…**: Public announcement for initiation of CIRP and inviting claims from creditors was…
- **2022-11-05 — Information…**: Applicant came to know about the CIRP through Shri Gopu Bal Reddy during discussions on…

## 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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