# In the matter of Arunava Sikdar, Resolution Professional Jaipur Metals & Electricals Ltd. Vs. Sanjeev Saxena & Ors. CA(AT)(Insolvency) No. 682-2019

> NCLAT judgment dated 2019-07-05. Citation: TCN-2019-NCLAT-00472. The case involves an appeal regarding the non-handover of assets and control of Jaipur Metals…

- **Court:** NCLAT
- **Order date:** 5 Jul 2019
- **Citation:** TCN-2019-NCLAT-00472
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/arunava-sikdar-resolution-professional-jaipur-metals-electricals-ltd-vs-sanjeev-98930ab2

## Summary

### Background

The case involves an appeal regarding the non-handover of assets and control of Jaipur Metals & Electricals Limited to the Resolution Professional, Arunava Sikdar, due to the stand of the Government of Rajasthan under the Jaipur Metals and Electricals Limited (Acquisition of Shares) Act, 1986. Despite approximately 180 days having passed, an appropriate order has not been issued, and the matter remains pending. The Adjudicating Authority (National Company Law Tribunal), Jaipur, directed the Appellant to include the Government of Rajasthan as a party Respondent.

## Facts

Arunava Sikdar is the Resolution Professional for Jaipur Metals & Electricals Limited. The assets and control of Jaipur Metals & Electricals Limited have not been handed over to the Resolution Professional. This is due to the stance of the Government of Rajasthan under the Jaipur Metals and Electricals Limited (Acquisition of Shares) Act, 1986. Approximately 180 days have passed without an appropriate order being issued. The Adjudicating Authority (National Company Law Tribunal), Jaipur, directed the Appellant to implead the Government of Rajasthan as a party Respondent. The case is related to IB No.54(PB)/2018 before the Adjudicating Authority.

## Issues and analysis

### Issue 1: Whether the assets and control of Jaipur Metals & Electricals Limited should be handed over to …

**Ratio:** The Insolvency and Bankruptcy Code, 2016 aims to ensure the timely resolution of

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**Reasoning:** The court notes that the assets and control have not been handed over despite the passage

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**Interpretation:** The interpretation of the Insolvency and Bankruptcy Code, 2016, suggests that

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**Application:** The court applies the principle by directing the Adjudicating Authority to pass

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## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…; +1 more
- **Appellants:** ArunavaS…
- **Respondents:** Jaipur Metals &…; Sanjeev S…

## Timeline

- **1986-01-01 — Jaipur Metals and Electricals Limited…**: The Government of Rajasthan's…
- **2019-06-13 — Impugned…**: Order passed by the Adjudicating Authority (National Company Law Tribunal), Jaipur,…

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