# In the matter of M K Overseas Private Limited

> NCLT judgment dated 2023-09-12. Citation: TCN-2023-NCLT-01654. Toyota Financial Services India Limited filed an application (I.A. No. 3643 of 2023) under…

- **Court:** NCLT
- **Order date:** 12 Sept 2023
- **Citation:** TCN-2023-NCLT-01654
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/m-k-overseas-private-limited-0614b866

## Summary

### Background

Toyota Financial Services India Limited filed an application (I.A. No. 3643 of 2023) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking directions against the Resolution Professional of M/s. MK Overseas Pvt. Ltd. to admit their claim as a financial creditor. The applicant claimed they were unaware of the Corporate Insolvency Resolution Process (CIRP) initiation against MK Overseas Pvt. Ltd. until May 2023, leading to a delayed claim submission. The Resolution Professional argued that the claim was filed after a significant delay of 1327 days and after the approval of the resolution plan by the Committee of Creditors (CoC).

## Facts

The Corporate Insolvency Resolution Process (CIRP) against M/s MK Overseas Pvt. Ltd. was initiated on 19.09.2019. A public announcement was made on 21.09.2019, setting a deadline of 04.10.2019 for claim submissions. Toyota Financial Services India Limited claimed they were unaware of the CIRP until May 2023. They submitted their claim on 23.05.2023, which was 1327 days after the deadline. The Resolution Professional (RP) stated that the Committee of Creditors (CoC) had already approved a resolution plan on 27.11.2020. Toyota Financial Services sought admission of their claim as a financial creditor and reconstitution of the CoC. The RP argued that the applicant failed to provide sufficient cause for the delay and violated IBBI regulations regarding timely claim

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should direct the Resolution Professional to admit the claim of …

**Ratio:** A successful resolution applicant cannot suddenly be faced with 'undecided' claims after

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**Reasoning:** The court reasoned that accepting new claims after the approval of the resolution plan

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**Interpretation:** This principle emphasizes the importance of adhering to the timelines

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**Application:** In this case, the court applied the ratio by refusing to direct the Resolution

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; RAHUL BHA…
- **Appellants:** Mayoga Investment…
- **Respondents:** M/s M.K. OVERSEAS…; M/s. MK Overseas…
- **Advocates:** Amit K…; Shankar…; +6 more

## Timeline

- **2019-09-19 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2019-09-21 — Public Annou…**: Public announcement 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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