# In the matter of M K Overseas Private Limited

> NCLT judgment dated 2023-09-12. Citation: TCN-2023-NCLT-01699. 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-01699
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/m-k-overseas-private-limited-939f9a25

## 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 CIRP initiation against MK Overseas Pvt. Ltd. until May 2023 and filed their claim belatedly. The Resolution Professional rejected the claim, citing the approval of the resolution plan by the Committee of Creditors (CoC) in its 20th meeting held on 27.11.2020.

## Facts

The key facts are as follows: Mayoga Investment Ltd. is the applicant seeking to be admitted as a financial creditor in the CIRP of MK Overseas Pvt. Ltd. The CIRP was initiated on 19.09.2019, with a public announcement on 21.09.2019 and a claim submission deadline of 04.10.2019. Mayoga Investment Ltd. filed its claim on 23.05.2023, a delay of 1327 days. The Resolution Professional (RP) rejected the claim, citing the approval of the resolution plan by the CoC on 27.11.2020. Mayoga Investment Ltd. claims unawareness of the CIRP until May 2023. The RP argues that Mayoga Investment Ltd. failed to provide sufficient cause for the delay and violated IBBI regulations. The resolution plan for MK Overseas Pvt. Ltd. is pending approval before the Adjudicating Authority. Toyota

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## Issues and analysis

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

**Ratio:** Regulation 12(2) of the IBBI (Insolvency Resolution Process for Corporate Persons)

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**Reasoning:** The court reasoned that the applicant failed to provide any reasonable justification for

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**Interpretation:** The interpretation of Regulation 12(2) emphasizes the importance of timely

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**Application:** The court applied the ratio to the facts of the case, noting that the applicant

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; RAHUL BHA…
- **Appellants:** Mayoga Investment…
- **Respondents:** M/s M.K. OVERSEAS…; M/s. MK Overseas…

## Timeline

- **2019-09-19 — CIRP Init…**: CIRP initiated against…
- **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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