# In the matter of Zenith Finesee (India) Private Limited IA (IB) No. 593-KB-2022 in CP (IB) No. 159-KB-2019

> NCLT judgment dated 2022-11-28. Citation: TCN-2022-NCLT-00313. UCO Bank filed an application (I.A.) seeking direction for the Resolution Professional to…

- **Court:** NCLT
- **Order date:** 28 Nov 2022
- **Citation:** TCN-2022-NCLT-00313
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/zenith-finesee-india-private-limited-ia-ib-no-593-kb-2022-in-cp-ib-no-159-kb-201-a767a288

## Summary

### Background

UCO Bank filed an application (I.A.) seeking direction for the Resolution Professional to accept its claim. The Adjudicating Authority admitted Zenith Finesee (India) Private Limited into Corporate Insolvency Resolution Process (CIRP) on November 20, 2019, following a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Interim Resolution Professional published a notice calling for claims, but UCO Bank claimed lack of awareness and thus failed to file its claim within the stipulated time. UCO Bank filed Form C after becoming aware of the CIRP, but the Resolution Professional stated that the claim could not be accepted without condoning the delay.

## Facts

On November 20, 2019, Zenith Finesee (India) Private Limited was admitted into CIRP following a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Interim Resolution Professional issued a public announcement on November 25, 2019, calling for claims from creditors. UCO Bank claimed it was unaware of the notice and failed to file its claim within the stipulated time. UCO Bank filed Form C on March 25, 2022, seeking to submit a claim of Rs.6,30,87,022 based on a guarantee provided by the Corporate Debtor. The CIRP period had ended, and a Resolution Plan had been approved by the CoC. UCO Bank filed an application seeking condonation of delay and direction to the Resolution Professional to accept its claim. The delay in filing the claim was

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## Issues and analysis

### Issue 1: Whether the delay in filing the claim by UCO Bank should be condoned and the Resolution …

**Ratio:** The Insolvency and Bankruptcy Code, 2016, and its associated regulations, establish

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**Reasoning:** The court reasoned that condoning the delay would effectively revive the entire CIRP,

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**Interpretation:** The court interpreted the Code's provisions regarding timelines strictly,

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**Application:** The court applied the principle of strict adherence to timelines to the facts

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Appellants:** UCO B…
- **Respondents:** Zenith Finesee…; Animesh Mukhopadhy…
- **Advocates:** Urmila Chak…; Debasish Chakrabar…; +4 more

## Timeline

- **2019-11-20 — Admission in…**: Zenith Finesee (India) Private Limited was admitted into Corporate Insolvency Resolution…
- **2019-11-25 — Public Annou…**: Interim Resolution Professional made a public announcement calling for claims from…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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