470-Day Delay in Claim Filing Condoned Due to Debtor’s Concealment of Mortgage Details

Federal Bank Limited Vs C. Prabhakaran (NCLT Kochi) The National Company Law Tribunal, Kochi Bench, adjudicated an application filed by Federal Bank Limited under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 seeking condonation of a delay of 470 days in submitting its claim in bankruptcy proceedings against a personal guarantor. The applicant also sought a direction to the Bankruptcy Trustee to admit and process its claim of ₹47,99,399.76. The bankruptcy proceedings were initiated on April 18, 2024, and a public announcement inviting claims was issued on April 24, 2024. As per S...