# In the matter of Ansio Industries Pvt. Ltd. vs. Sri Venkat Ram Spinners Pvt. Ltd. & Ors.

> NCLAT judgment dated 2024-03-21. Citation: TCN-2024-NCLAT-00565. The case arises from an appeal against an order dated 09.02.2024 passed by the National…

- **Court:** NCLAT
- **Order date:** 21 Mar 2024
- **Citation:** TCN-2024-NCLAT-00565
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ansio-industries-pvt-ltd-vs-sri-venkat-ram-spinners-pvt-ltd-ors-461ca524

## Summary

### Background

The case arises from an appeal against an order dated 09.02.2024 passed by the National Company Law Tribunal (NCLT), Division Bench-1, Chennai. The appellant sought an interim stay of a sale notice dated 16.09.2023 issued by the 2nd respondent, concerning the corporate debtor's sole assets and the property of a guarantor, Mr. S. Srinivasan. The appellant also sought to quash the sale notice.

## Facts

Ansio Industries Pvt Ltd, represented by its Director, filed an appeal against an order passed by the National Company Law Tribunal (NCLT), Chennai. The appeal concerned an application for an interim stay of a sale notice and to quash the sale notice, related to the assets of Venkat Ram Spinners Private Limited (the corporate debtor) and the property of Mr. S. Srinivasan (the guarantor). The NCLT had dismissed the application. The properties in question were mortgaged to Bank of Baroda, a secured financial creditor. An e-auction notice was issued on 16.09.2023, and a subsequent e-auction notice was issued on 15.02.2024. The e-auction took place on 20.03.2024, and the properties were sold to the highest bidder. The appellant did not challenge the subsequent e-auction

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## Issues and analysis

### Issue 1: Whether the NCLAT should grant the reliefs sought by the appellant, considering the NCLT's …

**Ratio:** The principle is that courts should not interfere with completed sales, especially when

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**Reasoning:** The NCLAT reasoned that the NCLT had already dismissed the application for interim stay.

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**Interpretation:** This legal issue involves the interpretation of the powers of the NCLAT to

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**Application:** The ratio and reasoning apply to the specific facts because the NCLT had

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## Parties

- **Judges:** M. Venu…; Sharad Kumar…; +1 more
- **Appellants:** Ansio Industries…
- **Respondents:** Venkat Ram…; M/s Venkat Ram…

## Timeline

- **2023-09-16 — Sale Not…**: Sale notice issued by…
- **2024-02-09 — Impugned…**: Order passed by the 'Adjudicating Authority'/ National Company Law Tribunal, Division…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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