# In the matter of Sarvottam Realcon Private Limited

> NCLT judgment dated 2023-11-21. Citation: TCN-2023-NCLT-00695. The interlocutory application was filed by Kotak Mahindra Bank Limited, the assignee of PNB…

- **Court:** NCLT
- **Order date:** 21 Nov 2023
- **Citation:** TCN-2023-NCLT-00695
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sarvottam-realcon-private-limited-60bd0f55

## Summary

### Background

The interlocutory application was filed by Kotak Mahindra Bank Limited, the assignee of PNB Housing Bank, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the National Company Law Tribunal Rules, 2016. The applicant sought condonation of a 738-day delay in filing a claim with the Resolution Professional, verification/admission of their claim of Rs. 96,36,136.82 as an allottee of the Corporate Debtor, and direction to the Respondent to include the claim in the Resolution Plan. The CIRP was initiated against M/s. Sarvottam Realcon Private Limited, the Corporate Debtor, on 09.07.2021. The public announcement was made on 14.07.2021, with a claim submission deadline of 26.07.2021. Kotak Mahindra Bank submitted its claim on 03.08.2023,

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## Facts

Mr. Atul Jaidka and Ms. Mamta Jaidka ('borrowers') obtained a credit facility from M/s. PNB Housing Finance Limited ('assignor') to purchase Flat No. A-1004, Tower-A in a housing society developed by M/s. Sarvottam Realcon Private Limited ('Corporate Debtor'). The borrower's account was declared a Non-Performing Asset on 31.08.2017, and a demand notice was issued under Section 13(2) of the SARFAESI Act, 2002, on 07.09.2017. PNB Housing Finance Limited ('assignor') transferred all rights, title, and interest in the debt to M/s. Kotak Mahindra Bank Limited ('assignee') via an assignment deed dated 04.03.2023. The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Sarvottam Realcon Private Limited ('Corporate Debtor') on 09.07.2021. The public

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## Issues and analysis

### Issue 1: Whether the Respondent's action of rejecting the claim of the Applicant on the ground that the same …

**Ratio:** The timelines prescribed under the Insolvency and Bankruptcy Code (IBC) are to be

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**Reasoning:** The court reasoned that the applicant's claim was filed 738 days after the last date for

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**Interpretation:** The IBC emphasizes the importance of timely submission of claims to ensure the

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**Application:** In this case, the applicant's claim was filed significantly after the

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## Parties

- **Judges:** SH. MANNI…; SH. ATUL CHATURVED…
- **Appellants:** Kotak Mahindra…
- **Respondents:** M/s. Sarvottam…

## Timeline

- **2017-08-31 — Borrower's Account…**: The account of Mr. Atul Jaidka and Ms. Mamta Jaidka with PNB Housing Finance Limited was…
- **2017-09-07 — Demand Notice…**: A demand notice was issued under…

## 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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