# In the matter of Klassic Wheels Limited Hirkesh Vs Amit Vijay Karia and Anr.

> NCLT judgment dated 2025-04-03. Citation: TCN-2025-NCLT-00270. The case involves an application (I.A. No. 5159 of 2024) filed by Klassic Wheels Limited, an…

- **Court:** NCLT
- **Order date:** 3 Apr 2025
- **Citation:** TCN-2025-NCLT-00270
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/klassic-wheels-limited-hirkesh-vs-amit-vijay-karia-and-anr-a402b2d7

## Summary

### Background

The case involves an application (I.A. No. 5159 of 2024) filed by Klassic Wheels Limited, an unsecured financial creditor of the Corporate Debtor, Siddhi Raj Housing Projects Private Limited, seeking directions against Amit Vijay Karia, the Resolution Professional (RP). Klassic Wheels Limited sought the inclusion of statutory interest amounting to Rs. 1,51,19,915 in addition to their admitted claim of Rs. 3,55,46,005 in the resolution plan. The Corporate Debtor's CIRP was initiated following an application by Capacite Infraprojects Limited, an operational creditor, which was admitted on 02.05.2023. The applicant, Klassic Wheels Limited, submitted its claim initially without including interest, and later attempted to revise it belatedly during the e-voting window for

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## Facts

1. Klassic Wheels Limited is an unsecured financial creditor of Siddhi Raj Housing Projects Private Limited, the Corporate Debtor.
2. The Corporate Debtor's CIRP was initiated following an application by Capacite Infraprojects Limited, an operational creditor, admitted on 02.05.2023.
3. Amit Vijay Karia was appointed as the Resolution Professional (RP) for the Corporate Debtor.
4. Klassic Wheels Limited submitted its claim in FORM CA on 13.05.2023, claiming Rs. 3,73,87,355.00, representing payments made for a flat purchase in the Corporate Debtor's 'Altus' project.
5. The Applicant inadvertently mentioned the name of the IRP as the name of its suggested Authorized Representative, which was highlighted by Respondent No. 1. The Applicant submitted its revised FORM CA on the

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## Issues and analysis

### Issue 1: Whether the Resolution Professional (RP) and the Resolution Applicant (SRA) are obligated to …

**Ratio:** The principle is that CIRP is a time-bound process, and belated claims can disrupt the

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**Reasoning:** The court reasoned that allowing claims after the resolution plan has been accepted by

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**Interpretation:** The legal issue concerns the interpretation of the IBBI Regulations and the IBC

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** SH. SUSHIL…; SH. CHARANJEET…
- **Appellants:** Klassic Wheels…
- **Respondents:** Siddhi Raj…; Amit Vijay…

## Timeline

- **2021-01-01 — C.P. (I.B) No.…**: The original Company…
- **2023-05-02 — Admission o…**: Tribunal admitted the application filed by the Operational Creditor for initiation of…

## 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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