# In the matter of Sare Gurugram Private Limited

> NCLT judgment dated 2023-08-21. Citation: TCN-2023-NCLT-01977. The case involves multiple applications (IA-2690/2023, IA-3503/2023, IA-3505/2023,…

- **Court:** NCLT
- **Order date:** 21 Aug 2023
- **Citation:** TCN-2023-NCLT-01977
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sare-gurugram-private-limited-00e30b11

## Summary

### Background

The case involves multiple applications (IA-2690/2023, IA-3503/2023, IA-3505/2023, IA-3506/2023, IA-3507/2023) filed by home-buyers/allottees of the Corporate Debtor, M/s Sare Gurugram Private Limited, seeking acceptance of their claims as financial creditors. These applications were filed under Section 60(5) r/w Section 31 of the IBC, 2016, objecting to the resolution plan. The Resolution Professional had made a public announcement on 2021-03-12, with a last date for claim submission of 2021-03-24.

## Facts

M/s Asset Care and Reconstruction Enterprises Limited is the Financial Creditor. M/s Sare Gurugram Private Limited is the Corporate Debtor. Several applicants (Mr. Mahendra Singh Bhati, Mr. Abhishek Singhal, Ms. Shailja Goyal) filed individual applications (IA-2690/2023, IA-3503/2023, IA-3505/2023, IA-3506/2023, IA-3507/2023) seeking acceptance of their claims as allottees/home-buyers in projects like 'Sports Parc' and 'Crescent Parc'. The Resolution Professional made a public announcement on 2021-03-12, setting 2021-03-24 as the last date for claim submission. The applicants filed their claims with a delay of approximately 800 days. The Resolution Plan for the Corporate Debtor had already been approved on 2023-04-24. The applicants sought condonation of the delay,

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## Issues and analysis

### Issue 1: Whether the delay in filing claims …

**Ratio:** The principle of finality and closure in insolvency proceedings requires adherence to

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**Reasoning:** The Adjudicating Authority found the delay of approximately 800 days to be inordinate and

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**Interpretation:** The interpretation emphasizes the importance of adhering to timelines in

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**Application:** The ratio and reasoning apply to the specific facts by highlighting the

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** Mahendra Singh…
- **Respondents:** M/s Sare Gurugram…; Ajit…
- **Advocates:** Kartikay…; Tavish B.…; +6 more

## Timeline

- **2021-03-12 — Public Annou…**: The Resolution Professional…
- **2021-03-24 — Last Date for Claim…**: The last date for submission…

## 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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