Authority: National Company Law Tribunal, Division Bench, Court - 1, Ahmedabad (Shammi Khan, Member (J) and Sanjeev Sharma, Member (T))

Order Date: 16/06/2026

Case Overview

This application (IA/751(AHM)2026) was filed by HDFC Bank Limited under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The proceedings are under Section 95 of the Code against Mr. Rajiv Jugalkishor Agrawal, the Personal Guarantor to M/s JRA Infrastructure Limited. The application sought condonation of delay in the submission of a claim and a direction to the Resolution Professional (RP) to consider it in the Personal Insolvency Resolution Process (PIRP).

The PIRP against the personal guarantor was admitted by an order dated 16/10/2025. HDFC Bank submitted its claim in Form-B on 30/04/2026. The Resolution Professional, Mr. Rajendra Devidas Puranit, rejected this claim via a Claim Non-Admission Note dated 02/05/2026 solely on the grounds that it was submitted beyond the prescribed timeline. The bank argued that the delay occurred due to the transfer of the loan account, verification of records, reconciliation of dues, and the collection of supporting documents. It emphasized that the debt, arising from financial facilities extended to JRA Infrastructure Limited and the guarantee obligations of Mr. Agrawal, was verifiable from existing records. The RP contended that HDFC Bank was aware of the proceedings and the public announcement made on 19/10/2025 and that the insolvency process had substantially progressed before the claim was filed.

The principal issue for the tribunal's consideration was whether the delay in submitting the claim deserved to be condoned. HDFC Bank relied on legal precedents, including the judgment of the Hon'ble Supreme Court in Greater Noida Industrial Development Authority v. Prabhjit Singh Soni & Anr. (Civil Appeal Nos. 7590-7591 of 2023, decided on 12/02/2024), which held that a Resolution Professional is required to collate information from claims as well as available records. The existence of the underlying debt and guarantee documents was not disputed by the parties.

The Adjudicating Authority observed that while timelines under the Code are important, a claim that is otherwise verifiable should not be excluded without a merits examination if sufficient cause is shown for the delay.

Final Outcome

The NCLT allowed the application (IA No. 751 of 2026). The delay in submitting the claim was condoned. The Resolution Professional was directed to verify and consider the claim submitted by HDFC Bank through Form-B dated 30/04/2026 (referenced in the order as 02.05.2026 in paragraph 12, but the submission date is stated as 30.04.2026 in paragraph 3) along with all supporting documents in accordance with the Insolvency and Bankruptcy Code, 2016, and its applicable Rules and Regulations. The tribunal explicitly clarified that this order does not constitute an admission of the claim or a determination of its quantum; those decisions are to be made by the RP in accordance with the law. There was no order as to costs.

Topics: Insolvency, Banking