# In the matter of Greatweld Engineering Pvt. Ltd.

> NCLT judgment dated 2023-07-18. Citation: TCN-2023-NCLT-02479. Thermax Babcock and Wilcox Energy Solutions Ltd. filed an Interlocutory Application (I.A. 2016…

- **Court:** NCLT
- **Order date:** 18 Jul 2023
- **Citation:** TCN-2023-NCLT-02479
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/greatweld-engineering-pvt-ltd-6a795ddf

## Summary

### Background

Thermax Babcock and Wilcox Energy Solutions Ltd. filed an Interlocutory Application (I.A. 2016 of 2022) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions to the Interim Resolution Professional (IRP) to reconsider their claim, condone the delay in filing, and admit the claim under the correct name. The claim arose from the rejection of the applicant's claim of Rs. 12,47,140 by the IRP. The Corporate Insolvency Resolution Process (CIRP) of Greatweld Engineering Pvt Ltd was initiated on 29.01.2021, and a resolution plan was approved on 08.03.2022.

## Facts

The Corporate Insolvency Resolution Process (CIRP) of Greatweld Engineering Pvt Ltd was initiated on 29.01.2021. Thermax Babcock and Wilcox Energy Solutions Ltd. filed a claim of Rs. 12,47,140, which was rejected by the Interim Resolution Professional (IRP) due to delay. The applicant's parent company, Thermax Ltd., inadvertently filed the claim on 02.02.2022, which was rejected on 23.02.2022. The applicant argued that the delay was due to the claim being filed in the name of Thermax Limited, the parent company, instead of Thermax Babcock and Wilcox Energy Solutions Ltd., a wholly-owned subsidiary. The applicant had supplied certain products to the Corporate Debtor, and the claim arose from non-supply of goods against advance payments and unadjusted advances. The

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## Issues and analysis

### Issue 1: Whether the Interim Resolution Professional (IRP) was justified in rejecting the claim of Thermax …

**Ratio:** The legal principle applied is that claimants must be vigilant in protecting their rights

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**Reasoning:** The court reasoned that the applicant filed the claim significantly after the mandated

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**Interpretation:** This issue involves the interpretation of the Insolvency and Bankruptcy Code,

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**Application:** The ratio and reasoning apply to the specific facts of the case because the

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## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Appellants:** Thermax Babcock…
- **Respondents:** Greatweld…; FANENDRA HARAKCHAN…

## Timeline

- **2021-01-29 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) initiated against Greatweld Engineering…
- **2021-02-03 — Public Annou…**: Interim Resolution Professional gave…

## 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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