Belated claims submitted after the approval of a Resolution Plan by the Committee of Creditors cannot be entertained as they disrupt the resolution process and the commercial wisdom of the CoC, regardless of the creditor's status as secured or unsecured.

[An Application under sub-section (5) of section 60 of the Insolvency and Bankruptcy Code, 2016, read with Regulation 13 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016, read with Rule 11 of National Company Law Tribunal Rules, 2016]

ORDER

1. The present Application has been filed by the Assets Care & Reconstruction Enterprise Ltd. (hereinafter referred to as “Applicant”), under sub-section (5) of section 60 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the “Code”) read with Regulation 13 of IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 read with Rule 11 of the National Company Law Tribunal Rules, 2016 for acceptance of its claim of Rs. 20,99,10,060/- (Rs. Twenty Crore Ninety Nine Lakh Ten Thousand Sixty Only) owed by SRS Real Estate Limited (Corporate Debtor) which includes the Principal Amount along with interest and other charges. Through this Application, the Applicant is seeking the following reliefs:-

(a) Allow the present Application and condone the delay in filing claim by the Applicant;

(b) Direct the Resolution Professional to accept and admit the claim of the Applicant and classify it as a Financial Creditor; and

(c) Pass any other relief, which this Hon'ble Tribunal may deem fit in the facts and circumstances of the present case;

FACTS:

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 is an Asset Reconstruction Company registered under Section 3 of the Securitisation and Reconstruction of Financial Assets, and Enforcement of Security Interest Act, 2002 (“SARFAESI Act, 2002”), authorised to carry on the business of securitisation and asset reconstruction. The registration certificate was initially issued on 17.10.2003 and subsequently reissued on 15.12.2010 pursuant to a change of name.

(ii) Samaan Capital Limited, formerly known as Indiabulls Housing Finance Limited, had extended a loan facility dated 09.01.2015 for an amount up to Rs. 23,00,00,000 to the Corporate Debtor for construction finance and business requirements.

(iii) The said loan, along with the underlying securities, was assigned by Indiabulls Housing Finance Limited to Indiabulls Asset Reconstruction Company Limited vide Assignment Agreement dated 30.09.2019. Thereafter, Indiabulls Asset Reconstruction Company Limited further assigned the said loan with all underlying securities to the present Applicant vide Assignment Agreement dated 26.04.2021. Accordingly, the Applicant stepped into the shoes of the original lender and acquired all rights, title, and interest in the loan, along with security interests, guarantees, and related rights.

(iv) The Corporate Insolvency Resolution Process (“CIRP”) of the Corporate Debtor was initiated vide Order dated 22.12.2022 passed in CP(IB)No.167/Chd/Hry/2020, and the Respondent was appointed as Interim Resolution Professional. It is further stated that an Application for approval of the Resolution Plan being IA(IBC)(Plan)/2(CH)2024 is pending consideration before this Adjudicating Authority.

(v) The Applicant submitted its claim in Form C along with supporting documents to the Resolution Professional via email dated 19.02.2025. However, the Resolution Professional rejected the claim vide email dated 20.02.2025 on the grounds of delay in submission as well as that the CIRP in the present matter is limited to one project, namely SRS Royal Hills, Phase II, Sector 87, Faridabad, and therefore claims not related to the said project cannot be considered. The Applicant contends that the loan facility was extended for the construction and