# In the matter of Nithin Nutritions Private Limited IA No. 108-2029 in CP (IB) No. 160-10-MR-2019

> NCLT judgment dated 2022-01-10. Citation: TCN-2022-NCLT-04474. Bank of India, as the sole member of the Committee of Creditors (CoC), filed an application…

- **Court:** NCLT
- **Order date:** 10 Jan 2022
- **Citation:** TCN-2022-NCLT-04474
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nithin-nutritions-private-limited-ia-no-108-2029-in-cp-ib-no-160-10-mr-2019-67d618a7

## Summary

### Background

Bank of India, as the sole member of the Committee of Creditors (CoC), filed an application against the Corporate Debtor, M/s. Nithin Nutrition Private Limited, concerning the admission of claims by the erstwhile Interim Resolution Professional (IRP), Mr. Pavan Kankani, for Respondent No.2 and Respondent No.3. The applicant alleged that these claims were admitted beyond the stipulated 90-day period from the commencement of the Insolvency Resolution Process, thereby reducing the voting share of the Applicant Bank. The applicant also alleged that the Corporate Debtor was classified as NPA with effect from 30.06.2016 and in that circumstance, lending money by Respondent Nos.2 & 3 is strange. The applicant sought to declare the voting share allotted to Respondent No.2

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## Facts

1. Bank of India initiated Corporate Insolvency Resolution Process (CIRP) against M/s. Nithin Nutrition Private Limited.
2. Bank of India is the sole member of the Committee of Creditors (CoC).
3. An Interim Resolution Professional (IRP) was appointed.
4. The IRP admitted claims from Respondent No.2 and Respondent No.3.
5. Bank of India alleged that the claims were admitted beyond the 90-day limitation period from the commencement of the Insolvency Resolution Process.
6. Bank of India's voting share was reduced due to the admission of these claims.
7. The Corporate Debtor was classified as NPA with effect from 30.06.2016.
8. The Applicant Bank's voting share was restored to 100% after the replacement of the IRP.
9. The Applicant Bank filed an application seeking to declare the

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## Issues and analysis

### Issue 1: Whether the claims of Respondent Nos. 2 and 3 were admitted beyond the limitation period prescribed …

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

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**Reasoning:** The Tribunal understands that the limitation prescribed under Section 12 of IIBI

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**Interpretation:** The court interpreted Regulation 12 of the IBBI Regulations, 2016, as not

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**Application:** The court applied this interpretation to the facts of the case, noting that

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## Parties

- **Judges:** TELAPROLU…
- **Appellants:** Bank of…
- **Respondents:** M/s. Nithin…; M/s.Nithin…

## Timeline

- **2016-06-30 — NPA Classif…**: Corporate Debtor was classified…
- **2019-11-15 — CP Admis…**: CP was admitted as per the…

## 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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