# In the matter of Victory Infratech Pvt. Ltd.

> NCLT judgment dated 2023-12-07. Citation: TCN-2023-NCLT-00376. This case involves an appeal filed by Intellicity Business Park Private Limited against the…

- **Court:** NCLT
- **Order date:** 7 Dec 2023
- **Citation:** TCN-2023-NCLT-00376
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/victory-infratech-pvt-ltd-71942395

## Summary

### Background

This case involves an appeal filed by Intellicity Business Park Private Limited against the Liquidator's decision to reject their claim in the corporate insolvency resolution process (CIRP) of a corporate debtor. The CIRP was initiated on 21.10.2019, and the corporate debtor subsequently went into liquidation on 08.12.2021. The applicant, Intellicity, filed its claim with the Interim Resolution Professional (IRP) and later with the Liquidator, but both rejected the claim, primarily on the grounds that it was time-barred and lacked sufficient documentation.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against a corporate debtor on 21.10.2019, and Aishwarya Mohan Gahrana was appointed as the Interim Resolution Professional (IRP). Intellicity Business Park Private Limited filed a claim with the IRP, which was rejected as time-barred. Subsequently, the corporate debtor went into liquidation on 08.12.2021, and Aishwarya Mohan Gahrana was appointed as the Liquidator. Intellicity filed its claim again with the Liquidator on 17.12.2021, which was rejected on 04.02.2022 because no loan agreement or written documents were attached, the loan amount was time-barred, and there was no acknowledgement of the claim amount issued by the corporate debtor. Intellicity claimed that a loan of Rs. 6,05,00,000/- was

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## Issues and analysis

### Issue 1: Whether the Liquidator was justified in rejecting the claim of Intellicity Business Park Private …

**Ratio:** The Liquidator is obligated to verify claims based on supporting documents and adherence

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**Reasoning:** The court reasoned that Intellicity failed to provide sufficient documentation,

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**Interpretation:** The interpretation of the law requires claimants to provide concrete evidence

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**Application:** In this case, Intellicity's failure to provide a loan agreement and the lack of

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## Parties

- **Judges:** SHRI. BACHU…; RAHUL BHA…
- **Appellants:** M/s Intellicity…
- **Respondents:** Aishwarya Mohan…

## Timeline

- **2019-10-21 — CIRP Init…**: Corporate Insolvency…
- **2019-10-21 — Appointment…**: Mr. Aishwarya Mohan Gahrana was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 42 — Appeal against the decision of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-42)

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