# In the matter of Sarvottam Realcon Private Limited

> NCLT judgment dated 2023-10-18. Citation: TCN-2023-NCLT-01123. The case involves an interlocutory application (I.A.(IBC)/4503/2023) filed by Mrs. Soni Singh &…

- **Court:** NCLT
- **Order date:** 18 Oct 2023
- **Citation:** TCN-2023-NCLT-01123
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sarvottam-realcon-private-limited-37c08441

## Summary

### Background

The case involves an interlocutory application (I.A.(IBC)/4503/2023) filed by Mrs. Soni Singh & Anr. seeking condonation of a 503-day delay in filing their claim as financial creditors in the Corporate Insolvency Resolution Process (CIRP) of M/s. Sarvottam Realcon Private Limited. The applicants also sought a direction to the Resolution Professional (RP) to accept their claim. The CIRP was initiated against the Corporate Debtor, and a public announcement was made inviting claims. The applicants submitted their claim belatedly, which was rejected by the RP because the Resolution Plan had already been approved by the Committee of Creditors (CoC) and was pending before the Adjudicating Authority for approval.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Sarvottam Realcon Private Limited. A public announcement was made on 2021-07-14, setting 2021-07-26 as the last date for claim submission. Mrs. Soni Singh & Anr. filed their claim as financial creditors on 2023-02-24, a delay of 503 days. The Resolution Professional (RP) rejected the claim on 2023-03-03, citing the delay and the fact that a resolution plan had already been approved by the Committee of Creditors (CoC) on 2022-12-24 and was pending approval before the Adjudicating Authority since 2023-01-11. The applicants attributed the delay to personal and professional reasons. The RP contended that accepting the belated claim would disrupt the CIRP and relied on the IBBI regulations and

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## Issues and analysis

### Issue 1: Whether the delay of 503 days in filing the …

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

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**Reasoning:** The Adjudicating Authority reasoned that condoning the delay would disrupt the CIRP,

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**Interpretation:** The interpretation of Regulation 12(2) and the overall scheme of the IBC

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**Application:** The Adjudicating Authority applied the ratio to the facts of the case, noting

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## Parties

- **Judges:** MANNI SANKARIAH…; BINOD KUMAR…
- **Appellants:** Soni S…
- **Respondents:** M/s. Sarvottam…; Sandeep…

## Timeline

- **2021-07-14 — Public Annou…**: Public announcement made inviting…
- **2021-07-26 — Last Date for Claim…**: Last date for submitting claims…

## 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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