NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCH (COURT-II), CHANDIGARH (Admitted)

(An Application under sub section (5) of section 60 of the Insolvency and Bankruptcy Code, 2016)

IN THE MATTER OF:

IA(I.B.C.)/1339(CH)2025 OMAKARA ASSETS RECONSTRUCTION PVT. LTD.

# 9, MP Nagar, First Street, Kongu Nagar Extension, Tirupur - 641 607 Corporate office: Kohinoor Square, 47th Floor, NC Kelkar Marg, RG Gadkari Chowk, Dadar (W), Mumbai - 400 028 Also at: 206-207, Arunachal Building, Barakhamba Road, New Delhi - 110 001 Through Jeevan Kumar, Assistant Vice-President Mob: 88828 47477 Email: jeevan.kumar@omkaraarc.com ...APPLICANT VERSUS Mr DARSHAN SINGH ANAND Resolution Professional of Vikas WSP Ltd.

IBBI/IPA- 002/IP-N00326 / 2017 -2018/109311 Stellar Insolvency Professionals LLP, Suite 10, 3rd Floor, 310, New Delhi House, 27, Barakhamba Road, Connaught Place, New Delhi - 110 001 Email: cirp.vikaswsp@gmail.com …RESPONDENT IN THE MAIN MATTER OF:

(An Application under section 7 of the Insolvency and Bankruptcy Code, 2016)

BANK OF INDIA ...PETITIONER/FINANCIAL CREDITOR VERSUS VIKAS WSP LTD.

...RESPONDENT/CORPORATE DEBTOR Order delivered on: 10.03.2026 CORAM: MR. KHETRABASI BISWAL, MEMBER (JUDICIAL)

MR. KAUSHALENDRA KUMAR SINGH, MEMBER (TECHNICAL)

Present:

For the Applicant : Mr Manish Jain, Senior Advocate, along with Ms Divya Sharma, Mr Manan Jain, Advocates For the RP : Mr IPS Oberoi, Ms Preeti Chauhan, Advocates with Mr G.S. Sarin, PCS and Mr Darshan Anand, RP, in person ORDER

1. The present Application has been filed by the Omkara Assets Reconstruction Pvt. Ltd. (hereinafter referred to as “Applicant”), through its Authorized representative Mr. Jeevan Kumar, (who has been duly authorized by the Applicant vide its Board Resolution dated 14.06.2025) under sub section (5) of section 60 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the “Code”) against the decision/Order dated 13.08.2025 by the Resolution Professional (“RP”) of the Vikas WSP Pvt. Ltd. (“Corporate Debtor”) whereby RP has rejected the claim of the Applicant filed in Form-C dated 06.08.2025 under Regulation 8 of the CIRP Regulations, 2016 with respect to its Secured Debt. Through this Application, the Applicant is seeking directions to:-

(a) Set-aside the Order/decision dated 13.08.2025 (Annexure A-10) passed by the Resolution Professional rejecting the claim of the Applicant filed in Form-C;

(b) Condone the delay of 1267 days in filing the claim with the Resolution Professional with respect to the Corporate Debtor;

(c) Direct the Resolution Professional to consider the claim of the Applicant on merits;

2. The averments made by the Applicant in its Application and presented/argued by the learned counsel for the Applicant are summarised hereunder:

(i) The Applicant, Omkara Assets Reconstruction Pvt. Ltd., is an Asset Reconstruction Company incorporated on 19.03.2014 under the Companies Act, 2013 and also registered under Section 3 of the SARFAESI Act, 2002. It has acquired the debt of the Corporate Debtor from the Stressed Asset Stabilisation Fund (“SASF”) pursuant to an Assignment Agreement dated 31.08.2024. The copy of the Assignment Agreement dated 31.08.2024 has been annexed as Annexure A-2 to the Application. By virtue of the said assignment, the Applicant claims to have stepped into the shoes of SASF as Financial Creditor of the Corporate Debtor.

(ii) This Adjudicating Authority vide Order dated 02.02.2022 admitted an Application under Section 7 of the Code filed by Bank of India and initiated CIRP against Vikas WSP Pvt. Ltd. Pursuant thereto, the Resolution Professional issued a public announcement under Regulation 6 of the CIRP Regulations inviting claims, fixing

16.02.2022 as the last date for submission.

(iii) The Corporate Debtor had availed credit facilities from Industrial Development Bank of India, including a Rupee Term Loan of Rs. 50 crores secured by hypothecation and equitable mortgage. Upon default, recovery proceedings were initiated before the Debt Rec