# In the matter of Vijaygroup Realty LLP

> NCLT judgment dated 2023-10-25. Citation: TCN-2023-NCLT-01027. The case involves an application filed by Kalpana Shantilal Haria (Applicant) seeking the…

- **Court:** NCLT
- **Order date:** 25 Oct 2023
- **Citation:** TCN-2023-NCLT-01027
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vijaygroup-realty-llp-942dcdfc

## Summary

### Background

The case involves an application filed by Kalpana Shantilal Haria (Applicant) seeking the admission of a delayed claim in the Corporate Insolvency Resolution Process (CIRP) of M/s Vijay Group Realty LLP (Corporate Debtor). The Applicant had provided financial assistance to the Corporate Debtor, and CIRP was initiated against the Corporate Debtor on 04.08.2021. The Applicant filed its claim with the Resolution Professional (Mr. Anshul Gupta) on July 03, 2023, which was beyond the stipulated 90-day period from the CIRP commencement date. The Resolution Professional rejected the claim due to the delay. The Applicant then filed an Interlocutory Application (I.A. No. 3999 of 2023) seeking condonation of the delay and admission of their claim.

## Facts

Kalpana Shantilal Haria (Applicant) provided financial assistance of Rs. 75,00,000/- to M/s Vijay Group Realty LLP (Corporate Debtor) on March 09, 2018, with an interest rate of 18% per annum. The Corporate Debtor defaulted on the repayment. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor on 04.08.2021. The Resolution Professional (Mr. Anshul Gupta) issued Form-A inviting claims from creditors. The last date for submission of claims was August 27, 2021. The 90th day from the CIRP commencement date was November 2, 2021. The Applicant filed its claim on July 03, 2023, which was 675 days after the last date for submission and 606 days after the 90th day from CIRP commencement. The Resolution Professional rejected the claim due

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## Issues and analysis

### Issue 1: Whether the delay of 675 days in filing the claim by the Applicant in the Corporate Insolvency …

**Ratio:** The Adjudicating Authority has discretionary powers to condone the delay in submission of

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**Reasoning:** The Tribunal reasoned that the Applicant's explanation for the delay, being unaware of

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**Interpretation:** Regulation 12(2) of the IBBI (Insolvency Resolution Process of Corporate

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**Application:** In this case, the Applicant submitted the claim 675 days after the last date of

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## Parties

- **Judges:** LAKSHMI G…; SH. CHARANJEET…
- **Appellants:** Kalpana Shantilal…
- **Respondents:** M/s. Vijay Group…; Anshul…

## Timeline

- **2018-03-09 — Loan Disbur…**: Applicant disbursed Rs. 75,00,000/- to the…
- **2021-08-04 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 15 — Public announcement of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-15)

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