# In the matter of Gupta Global Resources Pvt. Ltd.

> NCLT judgment dated 2023-12-05. Citation: TCN-2023-NCLT-00460. This is a Miscellaneous Application 84/2020 filed in C.P. (IB) 1239/MB/2017 by Karnataka Power…

- **Court:** NCLT
- **Order date:** 5 Dec 2023
- **Citation:** TCN-2023-NCLT-00460
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gupta-global-resources-pvt-ltd-a6c5ed86

## Summary

### Background

This is a Miscellaneous Application 84/2020 filed in C.P. (IB) 1239/MB/2017 by Karnataka Power Corporation Limited (Appellant) in the Liquidation Process of Gupta Global Resources Pvt Ltd. (Corporate Debtor) under Section 42 of the Insolvency and Bankruptcy Code, 2016 for condonation of delay in submission of claim and for direction to the Liquidator of the Corporate Debtor to admit the applicant's claim which came to be rejected in terms of Liquidator's letter dated 25.05.2019. The Appellant had appointed the Corporate Debtor for setting up of the washery for supplying washed coal to the Appellant and accordingly an agreement dated 29th November 2002 was entered into between the parties. The impurities generated while washing the coal i.e. the coal rejects were to be

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## Facts

Karnataka Power Corporation Limited (Appellant) filed a claim against Gupta Global Resources Pvt Ltd. (Corporate Debtor) in the liquidation process. The claim was for INR 34,71,48,301/-. The Appellant had appointed the Corporate Debtor to set up a washery for supplying washed coal, with an agreement dated 29th November 2002. The Corporate Debtor was responsible for disposing of coal rejects. The Appellant discovered that the Corporate Debtor was selling the coal rejects without permission. The Appellant sent letters to the Corporate Debtor regarding this issue. The Appellant filed Original Suit No. 5220 of 2017 in the City Civil Court, Karnataka, to recover the amount. The Corporate Debtor acknowledged the debt in letters to its Chartered Accountants dated 20th January

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## Issues and analysis

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

**Ratio:** The Insolvency and Bankruptcy Code (IBC) is a time-bound process, and the Liquidator

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**Reasoning:** The court relied on Regulation 16 of the Insolvency and Bankruptcy Board of India

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**Interpretation:** The IBC emphasizes timely resolution and liquidation processes. Allowing

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**Application:** The Appellant's claim was filed after the prescribed deadline. The court found

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** Karnathaka Power…
- **Respondents:** Gupta Global…; C.B. M…

## Timeline

- **2002-11-29 — Agreement between…**: An agreement was entered into between Karnataka Power Corporation Limited (Appellant) and…
- **2008-04-28 — Appellant's Letter to…**: The Appellant addressed a letter to the Corporate Debtor stating that the sale of coal…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 42 — Appeal against the decision of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-42)

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