# In the matter of Vijaygroup Realty LLP

> NCLT judgment dated 2023-10-25. Citation: TCN-2023-NCLT-01028. Navneet Education Limited filed an application seeking the admission of their claim in the…

- **Court:** NCLT
- **Order date:** 25 Oct 2023
- **Citation:** TCN-2023-NCLT-01028
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vijaygroup-realty-llp-d517ad3a

## Summary

### Background

Navneet Education Limited filed an application seeking the admission of their claim in the Corporate Insolvency Resolution Process (CIRP) of M/s Vijay Group Realty LLP. The applicant claimed to be a financial creditor, having provided a loan of Rs. 1,00,00,000/- to the corporate debtor in 2016. While the principal amount was repaid, interest from April 1, 2018, remained unpaid, amounting to Rs. 74,04,797/- as of August 4, 2021. The applicant filed its claim with the Resolution Professional (RP) on July 4, 2023, after the CIRP had commenced on August 4, 2021. The RP rejected the claim due to delay, citing that it was filed after the expiry of the 90-day period from the date of CIRP, as stipulated in Regulation 12(2) of the Insolvency Bankruptcy Board of India

…

## Facts

Navneet Education Limited provided a loan of Rs. 1,00,00,000/- to M/s Vijay Group Realty LLP on July 14, 2016, with a 12% per annum interest rate. The principal amount was repaid by the borrower on July 1, 2021, along with interest up to March 31, 2018. However, interest from April 1, 2018, remained unpaid. As of August 4, 2021, the outstanding interest amounted to Rs. 74,04,797/-. The Corporate Insolvency Resolution Process (CIRP) against M/s Vijay Group Realty LLP commenced on August 4, 2021. The Resolution Professional (RP) issued Form-A, inviting claims from creditors, with the latest Form-A issued on August 16, 2021. Navneet Education Limited filed its claim with the RP on July 4, 2023, for Rs. 74,04,797/-, representing the unpaid interest. The RP rejected the

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was justified in rejecting the application for condonation of …

**Ratio:** The Insolvency and Bankruptcy Code (IBC) is a time-bound process, and adherence to the

…

**Reasoning:** The NCLT reasoned that the applicant's claim was filed significantly beyond the

…

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

…

**Application:** In this case, the applicant failed to provide a sufficient explanation for the

…

## Parties

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

## Timeline

- **2016-07-14 — Loan Disb…**: Navneet Education Limited disbursed a loan of Rs. 1,00,00,000/- to M/s Vijay Group Realty…
- **2021-07-01 — Principal Re…**: M/s Vijay Group Realty LLP repaid the principal amount of Rs. 1,00,00,000/- along with…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vijaygroup-realty-llp-d517ad3a