# In the matter of Supreme Star Villa Private Limited

> NCLT judgment dated 2025-05-30. Citation: TCN-2025-NCLT-00029. The case pertains to an Interlocutory Application (I.A No. 13 of 2025) filed in CP No. 225 of…

- **Court:** NCLT
- **Order date:** 30 May 2025
- **Citation:** TCN-2025-NCLT-00029
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/supreme-star-villa-private-limited-a1228676

## Summary

### Background

The case pertains to an Interlocutory Application (I.A No. 13 of 2025) filed in CP No. 225 of 2022 under Section 33(1) of the Insolvency and Bankruptcy Code, 2016, by the Resolution Professional of Supreme Star Villa Private Limited ('the Corporate Debtor'). The application seeks an order for the liquidation of the corporate debtor, condonation of a delay of 8 days in filing the liquidation application, and any other orders the Tribunal deems fit. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application by SREI Equipment Finance Limited under Section 7 of the Code. The Interim Resolution Professional (IRP) was appointed, and a public announcement was made inviting creditors to file their claims. A Committee of Creditors (CoC) was

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## Facts

SREI Equipment Finance Limited initiated Corporate Insolvency Resolution Process (CIRP) against Supreme Star Villa Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). Anup Kumar Singh was appointed as the Resolution Professional. Public announcement was made, inviting claims from creditors. The Committee of Creditors (CoC) consisted solely of SREI Equipment Finance Limited, the financial creditor. Several CoC meetings were conducted to discuss the CIRP process, appoint valuers and auditors, and invite Expression of Interest (EOI) for resolution plans. Despite multiple extensions, the EOI process did not generate sufficient interest from prospective resolution applicants. One resolution plan was received from Mr. Piyush Jain, but it was deemed

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## Issues and analysis

### Issue 1: Whether the delay of 8 days in filing the …

**Ratio:** The Tribunal has the discretion to condone delays in legal proceedings if sufficient

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**Reasoning:** The Tribunal considered the reasons provided by the Applicant for the delay and found

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**Interpretation:** The interpretation of the law allows for condonation of delay based on the

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**Application:** The Tribunal applied this principle to the facts of the case and condoned the

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## Parties

- **Judges:** LAKSHMI G…; Hariharan…
- **Appellants:** Anup Kumar…
- **Respondents:** Supreme Star…; SREI Equipment…

## Timeline

- **2024-03-06 — Admission…**: CIRP commenced vide…
- **2024-03-10 — Public Annou…**: Public announcement published…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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