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

> NCLT judgment dated 2025-04-03. Citation: TCN-2025-NCLT-00273. The case involves an application (I.A. No. 5159 of 2024) filed by Klassic Wheels Limited…

- **Court:** NCLT
- **Order date:** 3 Apr 2025
- **Citation:** TCN-2025-NCLT-00273
- **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-e7fb9ec3

## Summary

### Background

The case involves an application (I.A. No. 5159 of 2024) filed by Klassic Wheels Limited against Amit Vijay Karia, the Resolution Professional (RP) of Siddhi Raj Housing Projects Private Limited, seeking directions under Section 60(5) of the Insolvency and Bankruptcy Code, 2016. Klassic Wheels, an unsecured financial creditor of Siddhi Raj Housing Projects, claimed that the RP should include the entire admitted claim, including interest, in the resolution plan. The applicant had initially submitted a claim without interest, later realizing the oversight and requesting inclusion of interest amounting to Rs. 1,51,19,915/-. The resolution plan submitted by Respondent No. 2 was approved by the CoC with 100% voting, but the applicant argued that it did not account for the

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## Facts

Klassic Wheels Limited, an unsecured financial creditor, filed a claim in FORM CA for Rs. 3,73,87,355.00 against Siddhi Raj Housing Projects Private Limited, the Corporate Debtor, for payments made towards a flat purchase. Initially, the claim did not include any interest. The Corporate Insolvency Resolution Process (CIRP) was initiated against Siddhi Raj Housing Projects Private Limited, and Amit Vijay Karia was appointed as the Resolution Professional (RP). The RP admitted a sum of Rs. 3,55,46,005/- towards the claim. Later, Klassic Wheels realized they had not claimed interest and requested the RP to include an interest component of Rs. 1,51,19,915/-, bringing the total claim to Rs. 5,06,65,920/-. This request was made during the e-voting window for the resolution

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## Issues and analysis

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

**Ratio:** Regulation 16A(7) of the IBBI Regulations, 2016, pertains to the allocation of voting

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**Reasoning:** The Tribunal reasoned that Regulation 16A(7) is primarily concerned with determining the

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**Interpretation:** The Tribunal interpreted Regulation 16A(7) narrowly, focusing on its purpose of

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

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## Parties

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

## Timeline

- **2021-01-01 — Company Petiti…**: Company Petition No. 715 of 2021 was preferred before the Tribunal under Section 9 of the…
- **2023-05-02 — CIRP Init…**: Tribunal admitted the petition and…

## 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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