# In the matter of Imeco Limited MA (IBC)-1(KB) 2022 in C.P. (IB)-892(KB) 2019

> NCLT judgment dated 2022-07-15. Citation: TCN-2022-NCLT-04587. An application was filed for the initiation of the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 15 Jul 2022
- **Citation:** TCN-2022-NCLT-04587
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/imeco-limited-ma-ibc-1kb-2022-in-cp-ib-892kb-2019-2a1f786a

## Summary

### Background

An application was filed for the initiation of the Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016. Additionally, an application under Section 60(5) was filed concerning a dispute over rent and municipal taxes.

## Facts

An application was filed for initiation of Corporate Insolvency Resolution Process under Section 7 of the Insolvency and Bankruptcy Code, 2016.

LVS Properties LLP filed an application seeking direction for the IRP to vacate the tenanted property and include the claim of enhanced rent plus municipal taxes.

The Resolution Professional rejected the claims of LVS Properties LLP on September 1, 2021.

The claim of rent payable at the rate at which the rent was paid by the Corporate Debtor before the commencement of CIRP has been admitted.

The applicant did not submit any agreement or related document regarding the payment of taxes within the period of submission of claims before the Resolution Professional.

…

## Issues and analysis

### Issue 1: Whether the application seeking direction for the IRP to vacate the tenanted property and include …

**Ratio:** The application is not

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**Reasoning:** The applicant did not furnish the claim of its municipal taxes within the time before the

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**Interpretation:** Failure to submit claims within the stipulated timeframe renders the

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**Application:** The Adjudicating Authority

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## Parties

- **Judges:** RohitKa…; Harish Chander…
- **Appellants:** Borojalingah Tea…; LVS Properties…
- **Respondents:** IMECO Li…; Imeco Limited…
- **Advocates:** Rishav Ba…; Rajarshi Ba…; +8 more

## Timeline

- **2021-09-01 — Rejection of…**: The Resolution Professional rejected the claims of LVS Properties LLP on September 1,…
- **2022-02-15 — Approval of Resolution…**: The Resolution Plan was approved…

## 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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