# In the matter of IVRCL Limited

> NCLT judgment dated 2025-07-16. Citation: TCN-2025-NCLT-00789. The case involves an application filed by Life Insurance Corporation of India (LIC) under…

- **Court:** NCLT
- **Order date:** 16 Jul 2025
- **Citation:** TCN-2025-NCLT-00789
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/ivrcl-limited-b14b8bb3

## Summary

### Background

The case involves an application filed by Life Insurance Corporation of India (LIC) under Section 42 of the Insolvency and Bankruptcy Code, 2016 (IBC), challenging the rejection of its revised claim by the Liquidator of IVRCL Limited.

## Facts

Life Insurance Corporation of India (LIC) extended financial assistance to IVRCL Limited in 2008 by subscribing to Secured, Redeemable, Non-Convertible Debentures (NCDs) worth Rs.200 crores.

IVRCL Limited was admitted into Corporate Insolvency Resolution Process (CIRP) on 23.02.2018, and an Order of Liquidation was passed on 26.07.2019.

Upon the Liquidator's Public Announcement dated 31.07.2019, LIC submitted its claim in Form-D on 21.08.2019, but the form lacked details on the status of relinquishment of security interest.

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## Issues and analysis

### Issue 1: Whether the delay in submitting the revised …

**Ratio:** The Limitation Act applies to proceedings under the IBC unless expressly excluded, and

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**Reasoning:** The delay was neither deliberate nor mala fide, and the Liquidator's actions contributed

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**Interpretation:** Section 42 of the Code contains no outer limit for preferring an Appeal nor any

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**Application:** The delay of 71 days in submission of the revised Form-D and the delay of 368

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** State Bank of…; M/s. Life…
- **Respondents:** IVRCL Li…; Mr.Sutanu…
- **Advocates:** Mr Krishna…; Mr.G.P.Yash…; +2 more

## Timeline

- **2008 — Financial Ass…**: Life Insurance Corporation of India (LIC) extended financial assistance to IVRCL Limited…
- **2018-02-23 — CIRP Admi…**: IVRCL Limited was admitted into Corporate…

## 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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