# In the matter of Biotech Private Limited vs. Dr. Kondapalli Venkat Srinivas

> NCLAT judgment dated 2026-04-02. Citation: TCN-2026-NCLAT-00076. The Appellant, MS Biotech Private Limited, was the successful bidder for the Corporate…

- **Court:** NCLAT
- **Order date:** 2 Apr 2026
- **Citation:** TCN-2026-NCLAT-00076
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-chennai/biotech-private-limited-vs-dr-kondapalli-venkat-srinivas-b2c44b95

## Summary

### Background

The Appellant, MS Biotech Private Limited, was the successful bidder for the Corporate Debtor, M/s. Veda Biofuel Limited. The sale notice was issued on 21.08.2024, and the e-auction was conducted on 16.09.2024.

## Facts

MS Biotech Private Limited was the successful bidder for M/s. Veda Biofuel Limited.

The sale notice was issued on 21.08.2024, and the e-auction was conducted on 16.09.2024.

The Liquidator filed IA No. 41/2025 seeking to record the completion of the sale and grant reliefs to the successful bidder.

The NCLT rejected IA No. 41/2025 on 03.07.2025, which was later rectified on 18.07.2025.

The Appellant had previously filed IA(IBC)/414/2024 for similar reliefs, which was withdrawn.

The auction notice contained 'as is where is' clauses.

Other IAs challenging the auction are pending adjudication.

## Issues and analysis

### Issue 1: Whether the NCLT was justified in rejecting the Liquidator's application (IA No. 41/2025) for …

**Ratio:** The NCLT was justified in

…

**Reasoning:** The terms and conditions of the auction notice, particularly the 'as is where is' clause,

…

**Interpretation:** The 'as is where is' clause implies that the bidder accepts the property with

…

**Application:** The Tribunal applied the principle that the successful bidder is bound by the

…

## Parties

- **Judges:** Sharad Kumar…; Jatindranat…
- **Appellants:** M S Biotech…
- **Respondents:** Veda Biofuel…; DR KONDAPALLI…
- **Advocates:** T.K. Bh…

## Timeline

- **2024-08-21 — Sale Notice…**: Sale notice for the…
- **2024-09-16 — E-Auction Co…**: E-auction was conducted, and the Appellant…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 35 — Powers and duties of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-35)

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