# In the matter of Siddhi Raj Housing Projects Private Limited

> NCLT judgment dated 2025-04-03. Citation: TCN-2025-NCLT-00272. The case involves an application (I.A. No. 5159 of 2024) filed by Klassic Wheels Limited, an…

- **Court:** NCLT
- **Order date:** 3 Apr 2025
- **Citation:** TCN-2025-NCLT-00272
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/siddhi-raj-housing-projects-private-limited-8c9045a2

## Summary

### Background

The case involves an application (I.A. No. 5159 of 2024) filed by Klassic Wheels Limited, an unsecured financial creditor of Siddhi Raj Housing Projects Private Limited (the Corporate Debtor), seeking directions against Amit Vijay Karia, the Resolution Professional (RP), to include a claim for statutory interest amounting to Rs. 1,51,19,915 in addition to the already admitted claim of Rs. 3,55,46,005 in the resolution plan. The Corporate Debtor underwent Corporate Insolvency Resolution Process (CIRP) initiated by an operational creditor, Capacite Infraprojects Limited. The applicant, Klassic Wheels Limited, initially submitted its claim without including interest. Later, realizing the oversight, it requested the RP to include the interest component, but this was done

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## Facts

Klassic Wheels Limited is an unsecured financial creditor of Siddhi Raj Housing Projects Private Limited (Corporate Debtor). The Corporate Debtor underwent CIRP initiated by Capacite Infraprojects Limited. Klassic Wheels Limited submitted its claim in FORM CA on 13.05.2023, claiming Rs. 3,73,87,355.00, but did not initially claim interest. A revised FORM CA was submitted on 16.05.2023, still without claiming interest. The Resolution Professional (RP) admitted a claim of Rs. 3,55,46,005/- on 23.05.2023. The RP published FORM G for Expression of Interest (EOI) on 01.07.2023. The CoC approved the Request for Resolution Plan (RFRP) on 28.07.2023. The final resolution plan was submitted by Respondent No. 2 on 10.06.2024. On 22.06.2024, close to the e-voting deadline,

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## Issues and analysis

### Issue 1: Whether the Resolution Professional (RP) and the Resolution Applicant (Respondent No. 2) are …

**Ratio:** The Insolvency and Bankruptcy Code (IBC) is designed to be a strictly time-bound process,

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**Reasoning:** The applicant, Klassic Wheels Limited, failed to claim interest in its original and

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**Interpretation:** The court interprets the IBC as prioritizing a timely resolution process.

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**Application:** The applicant's delay in claiming interest, coupled with the advanced stage of

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## Parties

- **Judges:** SH. SUSHIL…; SH. CHARANJEET…
- **Appellants:** Klassic Wheels…
- **Respondents:** Siddhi Raj…; Amit Vijay…

## Timeline

- **2021-01-01 — Company Petiti…**: Company Petition No. 715 of 2021 was preferred before the Tribunal under Section 9 of the…
- **2023-05-02 — CIRP Init…**: Tribunal admitted the petition and…

## 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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