# In the matter of Lotus Shopping Centres Pvt. Ltd. I.A No. 47 of 2022 & 48 OF 2022 in C.P (IB) No. 66-BB-2017

> NCLT judgment dated 2023-05-25. Citation: TCN-2023-NCLT-03175. The applicant filed an application seeking condonation of delay in submitting its claim in…

- **Court:** NCLT
- **Order date:** 25 May 2023
- **Citation:** TCN-2023-NCLT-03175
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lotus-shopping-centres-pvt-ltd-ia-no-47-of-2022-48-of-2022-in-cp-ib-no-66-bb-201-f726fd7d

## Summary

### Background

The applicant filed an application seeking condonation of delay in submitting its claim in liquidation proceedings and to admit the claim, which was previously rejected by the liquidator due to belated submission.

## Facts

CBRE South Asia Pvt. Ltd. (applicant) entered into an agreement for Retail Leasing Services with the 2nd respondent, M/s Lotus Shopping Centres Pvt Ltd, on August 1, 2016. Under this agreement, the 2nd respondent was obligated to pay a monthly amount for marketing services. The total amount due to the applicant as of the claim filing date was Rs. 51,32,000, with interest at 18%, for services rendered from February 2017 to December 2017. This forms the basis of the applicant's claim in the liquidation proceedings. On August 30, 2018, the Adjudicating Authority initiated Corporate Insolvency Resolution Process (CIRP) against the 2nd respondent. Following the failure of the resolution process, the Adjudicating Authority initiated liquidation proceedings on June 18, 2019.

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## Issues and analysis

### Issue 1: Whether the delay of 758 days in filing the claim by the applicant in the liquidation proceedings …

**Ratio:** The delay in preferring the claim by the applicant is condoned, given that the

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**Reasoning:** The Tribunal noted that the liquidation process was still ongoing. It considered the

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**Interpretation:** The court interpreted **Section 42** and **60(5)(c)** of the IBC, 2016, along

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**Application:** Applying this interpretation, the Tribunal found that since the liquidation

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## Parties

- **Judges:** T. Krishn…; Manoj Kumar…; +1 more
- **Appellants:** CBRE South Asia…
- **Respondents:** Lotus Shopping…; Sanjay Kumar…; +1 more
- **Advocates:** For the Petitioner…; For the Liquidator…; +1 more

## Timeline

- **August 1, 2016 — Agreement for Retail…**: Applicant entered into an agreement with the…
- **August 30, 2018 — CIRP init…**: Adjudicating Authority initiated Corporate Insolvency Resolution Process (CIRP) against…

## 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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