# In the matter of Sarvottam Realcon Private Limited

> NCLT judgment dated 2023-10-18. Citation: TCN-2023-NCLT-01148. 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-01148
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sarvottam-realcon-private-limited-9a5694f2

## Summary

### Background

The case involves an interlocutory application (I.A.(IBC)/4503/2023) filed by Mrs. Soni Singh & Anr. seeking condonation of delay in filing their claim as financial creditors in the Corporate Insolvency Resolution Process (CIRP) of M/s. Sarvottam Realcon Private Limited. The CIRP was initiated based on an order dated 09.07.2021, and Mr. Sandeep Goel was appointed as the Resolution Professional. The public announcement inviting claims was made on 14.07.2021, with a deadline of 26.07.2021. The applicants filed their claim on 24.02.2023, which was rejected by the Resolution Professional on 03.03.2023 because it was filed after a delay of 579 days and a resolution plan was already pending approval.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Sarvottam Realcon Private Limited. The public announcement for inviting claims was made on 2021-07-14, setting the last date for submission as 2021-07-26. Mrs. Soni Singh & Anr. (the applicants) filed their claim as financial creditors on 2023-02-24, which was 579 days after the deadline. The applicants sought condonation of a 503-day delay (from 2021-10-10 to 2023-02-24) in filing Form CA. The applicants claimed a total of INR 74,41,437.88, including INR 48,68,302 as the principal amount and 8% interest per annum. The Resolution Professional (RP) rejected the claim on 2023-03-03, citing the delay and the pendency of a resolution plan approval. The applicants attributed the delay to

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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 court reasoned that the applicants submitted their claim after 579 days from the

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**Interpretation:** The interpretation of Regulation 12(2) emphasizes the importance of adhering to

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**Application:** The court applied the ratio to the facts by noting that the applicants' claim

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## Parties

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

## Timeline

- **2021-07-09 — CIRP Init…**: Corporate Insolvency Resolution Process was initiated against M/s. Sarvottam Realcon…
- **2021-07-14 — Public Annou…**: Public announcement inviting…

## 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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