# In the matter of Jaatvedas Construction Company Pvt. Ltd.

> NCLT judgment dated 2024-01-10. Citation: TCN-2024-NCLT-03213. The applicant filed an application under Section 60(5) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 10 Jan 2024
- **Citation:** TCN-2024-NCLT-03213
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jaatvedas-construction-company-pvt-ltd-577d8a56

## Summary

### Background

The applicant filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, challenging the conditional acceptance of its claim by the Resolution Professional (RP) of the Corporate Debtor. The applicant sought directions from the Adjudicating Authority to admit its claim unconditionally.

## Facts

The Corporate Insolvency Resolution Process ( CIRP ) against Jaatvedas Construction Co. Pvt. Ltd. commenced on September 16, 2022, following an order by the Tribunal. Mr. Sitansh Magia was appointed as the Interim Resolution Professional (IRP) of the Corporate Debtor. This initiated the process for creditors to file their claims against the corporate debtor. Eversmile Properties Private Limited, the applicant, filed a claim of Rs. 5,95,93,782/- on January 10, 2023, with the IRP. This amount was calculated as a total claim of Rs. 6,90,33,264 less an amount of Rs. 94,39,482/- already appropriated under a letter dated July 5, 2022. The applicant forwarded its claim to the newly appointed Resolution Professional (RP) on January 19, 2023, after learning of his appointment

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## Issues and analysis

### Issue 1: Whether the Resolution Professional is entitled …

**Ratio:** The Resolution Professional's power to verify claims is administrative, not adjudicatory.

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**Reasoning:** The NCLT found no provision in law, specifically in the Insolvency and Bankruptcy Code,

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**Interpretation:** The NCLT interpreted the duties of the Resolution Professional under **Section

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**Application:** The RP's conditional acceptance of the applicant's claim, requiring the return

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## Parties

- **Judges:** Shri. Kuldip…; SHRI. ANIL RAJ…
- **Appellants:** Eversmile…
- **Respondents:** Jaatvedas…; Kailash T…; +1 more
- **Advocates:** For the Applicant:…; For the Respondent…

## Timeline

- **September 16, 2022 — CIRP Commen…**: Corporate Insolvency Resolution Process (CIRP) commenced against Jaatvedas Construction…
- **January 6, 2023 — RP Appoin…**: Mr. Kailash T. Shah was appointed as the Resolution Professional (RP) of the Corporate…

## 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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