Axis Bank Ltd. v. Shubhkamna Buildtech (P) Ltd. & Anr.

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The Tax Publishers 2023 TaxPub(CL) 719 (NCLAT-New Del) IN THE NATIONAL COMPANY LAW APPELLATE TRIBUNAL, PRINCIPAL BENCH, NEW DELHI ANANT BIJAY SINGH, J. M. & BARUN MITRA, T. M. Axis Bank Ltd. v. Shubhkamna Buildtech (P) Ltd. & Anr. No.- Company Appeal (AT)(Insolvency) No. 665 of 2021 August 30, 2022 Appellant by : Sharad Tyagi , Ms. K. Gayatri , Advocates Respondent by : Abhishek Anand, Nipun Gautam, Pathik Choudhury , Advocates JUDGMENT *Barun Mitra, T. M.* The present appeal, filed under section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC in short) by the Appellant, arises out of order dated 17-3-2021 (hereinafter referred to as Impugned Order) passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench- Court No. IV) in IA No. 456/2019 in CP (IB) No. 1059/ND/2018. By the Impugned Order, the Adjudicating Authority rejected the application filed by the Appellant seeking directions against the Resolution Professional of Corporate Debtor, M/s Shubhkamna Buildtech Private Ltd. for admitting his claim in the Resolution Plan and to be treated as secured Financial Creditor. Aggrieved by the said Impugned Order, the present appeal has been preferred. 2. The Learned Counsel for the Appellant has also filed I.A. No. 1748/2021 in Company Appeal (AT)(Ins.) No. 665/2021 seeking condonation of 60 days delay in filing this Appeal. The Honble Supreme Court in suo motu Writ Petition (Civil) No. 3/2020 vide order dated 10-1-2022 extended the prescribed period of limitation and passed certain directions and as per clause III of the said direction in cases where limitation would have expired during the period between 15-3-2020 till 28-2-2022, notwithstanding the actual balance period of limitation remaining, all persons shall have limitation period of 90 days from 1-3-2022. In this Appeal, the prescribed period of limitation of 30 days expired on April, 24,2021 i.e. between 15-3-2020 and 28-2-2022. Thus, the Appellant has limitation period of 90 days from 1-3-2022 and hence, the Appeal is within limitation. 3. The facts of the case, as stated and argued by the Learned Counsel for the Appellant Bank i.e. Axis Bank Limited is that the said Bank provided loan aggregating Rs. 30,58,22,625 (Rupees Thirty Crore Fifty-Eight Lakh Twenty-Two Thousand Six Hundred and Twenty-Five Only) to certain Homebuyers/allottees under the housing project of the Corporate Debtor. It has also been submitted that Corporate Insolvency Resolution Process (CIRP in short) of the Corporate Debtor, a real estate infrastructure company, was admitted on 26-11-2018 following which the Interim Resolution Professional (IRP in short) made the Public announcement and invited claims of the creditors for constituting the Committee of Creditors (CoC in short) and fixed the last date of filing claim as 12-1-2019. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers 2023 TaxPub(CL) 719 (NCLAT-New Del)

IN THE NATIONAL COMPANY LAW APPELLATE TRIBUNAL, PRINCIPAL BENCH, NEW DELHI

ANANT BIJAY SINGH, J. M. & BARUN MITRA, T. M.

Axis Bank Ltd. v. Shubhkamna Buildtech (P) Ltd. & Anr.

No.- Company Appeal (AT)(Insolvency) No. 665 of 2021

August 30, 2022

Appellant by : Sharad Tyagi , Ms. K. Gayatri , Advocates

Respondent by : Abhishek Anand, Nipun Gautam, Pathik Choudhury , Advocates

JUDGMENT

Barun Mitra, T. M.

The present appeal, filed under section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC in short) by the Appellant, arises out of order dated 17-3-2021 (hereinafter referred to as Impugned Order) passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi Bench- Court No. IV) in IA No. 456/2019 in CP (IB) No. 1059/ND/2018. By the Impugned Order, the Adjudicating Authority rejected the application filed by the Appellant seeking directions against the Resolution Professional of Corporate Debtor, M/s Shubhkamna Buildtech Private Ltd. for admitting his claim in the Resolution Plan and to be treated as secured Financial Creditor. Aggrieved by the said Impugned Order, the present appeal has been preferred.

2. The Learned Counsel for the Appellant has also filed I.A. No. 1748/2021 in Company Appeal (AT)(Ins.) No. 665/2021 seeking condonation of 60 days delay in filing this Appeal. The Honble Supreme Court in suo motu Writ Petition (Civil) No. 3/2020 vide order dated 10-1-2022 extended the prescribed period of limitation and passed certain directions and as per clause III of the said direction in cases where limitation would have expired during the period between 15-3-2020 till 28-2-2022, notwithstanding the actual balance period of limitation remaining, all persons shall have limitation period of 90 days from 1-3-2022. In this Appeal, the prescribed period of limitation of 30 days expired on April, 24,2021 i.e. between 15-3-2020 and 28-2-2022. Thus, the Appellant has limitation period of 90 days from 1-3-2022 and hence, the Appeal is within limitation.

3. The facts of the case, as stated and argued by the Learned Counsel for the Appellant Bank i.e. Axis Bank Limited is that the said Bank provided loan aggregating Rs. 30,58,22,625 (Rupees Thirty Crore Fifty-Eight Lakh Twenty-Two Thousand Six Hundred and Twenty-Five Only) to certain Homebuyers/allottees under the housing project of the Corporate Debtor. It has also been submitted that Corporate Insolvency Resolution Process (CIRP in short) of the Corporate Debtor, a real estate infrastructure company, was admitted on 26-11-2018 following which the Interim Resolution Professional (IRP in short) made the Public announcement and invited claims of the creditors for constituting the Committee of Creditors (CoC in short) and fixed the last date of filing claim as 12-1-2019.