# In the matter of Raghuleela Builders Pvt. Ltd.

> NCLT judgment dated 2023-12-18. Citation: TCN-2023-NCLT-00174. The applicant sought direction for consideration of their claim amounting to Rs. 5,20,22,000…

- **Court:** NCLT
- **Order date:** 18 Dec 2023
- **Citation:** TCN-2023-NCLT-00174
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/raghuleela-builders-pvt-ltd-a2edae16

## Summary

### Background

The applicant sought direction for consideration of their claim amounting to Rs. 5,20,22,000 and condonation of delay in filing the same. The applicant purchased an office unit in the corporate debtor's project and executed an agreement on 02.07.2015, paying the entire consideration of Rs. 12,93,60,000. The corporate debtor was required to hand over possession by 30.09.2015, but failed to do so. The applicant filed a complaint with RERA, Mumbai, seeking protection and claiming interest and compensation. RERA disposed of the case on 08.10.2020 without allowing compensation. An appeal was preferred to MahaRERA, served on the corporate debtor on 17.12.2020, and an affidavit of service was filed. MahaRERA granted relief to the appellant on 30.06.2022.

## Facts

Mysore Petro Chemicals Limited, the Applicant/Operational Creditor, sought consideration of its claim of Rs. 5,20,22,000 and condonation of delay. The Applicant purchased an office unit in Raghuleela Builders Pvt. Ltd.'s project, paying Rs. 12,93,60,000 with possession due by 30.09.2015. Failure to deliver prompted a RERA complaint. RERA initially denied compensation on 08.10.2020. An appeal to MahaRERA was served on the Corporate Debtor on 17.12.2020. MahaRERA granted relief on 30.06.2022. The Corporate Debtor was admitted to CIRP on 04.10.2021, with a claim deadline of 05.11.2021. The Applicant filed its claim on 19.07.2022. The RP argued the MahaRERA order was post-moratorium and the claim was delayed. The Applicant argued the IRP failed to disclose the pending

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## Issues and analysis

### Issue 1: Whether the claim of the Applicant can be considered despite the delay in submission and the …

**Ratio:** The purpose of the moratorium is to secure the assets of the Corporate Debtor, and

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**Reasoning:** The NCLT reasoned that the claim was not barred by limitation because the appeal was

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**Interpretation:** The moratorium under Section 14 of the IBC is not an absolute bar to all

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**Application:** In this case, the NCLT found that the applicant had filed the appeal before

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## Parties

- **Judges:** Reeta K…; SANJIV…
- **Appellants:** Mysore Petro…
- **Respondents:** Raghuleela…; Vandana…

## Timeline

- **2015-07-02 — Agreement Ex…**: Applicant and Corporate Debtor executed an…
- **2015-09-30 — Possession D…**: Date by which the Corporate Debtor was required to hand over possession of the office…

## 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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