# In the matter of Bhavik Bhimjyani & Ors. vs. Uday Vinodchandra Shah & Ors.

> NCLAT judgment dated 2025-05-30. Citation: TCN-2025-NCLAT-00363. The case involves appeals against orders passed by the National Company Law Tribunal (NCLT),…

- **Court:** NCLAT
- **Order date:** 30 May 2025
- **Citation:** TCN-2025-NCLAT-00363
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/bhavik-bhimjyani-ors-vs-uday-vinodchandra-shah-ors-b1033011

## Summary

### Background

The case involves appeals against orders passed by the National Company Law Tribunal (NCLT), Mumbai Bench-I, regarding the liquidation of Neelkanth Township & Construction Pvt Ltd (NTCPL). The appellant, Bhavik Bhimjyani, challenges the NCLT's approval of a private sale of NTCPL's assets to Leisure Enterprises LLP, alleging undervaluation and collusion.

## Facts

CIRP of Neelkanth Township & Construction Pvt Ltd. ('NTCPL') commenced on 21.04.2017.

NTCPL was directed to be liquidated vide an Order dated 03.09.2018.

UITL filed Company Petition No. 21 of 2017 under Section 7 of the IBC seeking admission of NTCPL under CIRP claiming financial debt to the tune of Rs. 226.16 Crores.

The Appellant is challenging the approval given by the NCLT to the undervalued sale of lands of Neelkanth Township & Construction Pvt Ltd (in liquidation) (“NTCPL”) by way of private treaty to a related party vide the Impugned Order dated 05.12.2025 contrary to requirements of Regulation 33 of IBBI (Liquidation Regulations), 2016 (“Regulations”).

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## Issues and analysis

### Issue 1: Whether the private sale of the corporate debtor's assets was conducted in compliance with …

**Ratio:** Regulation 33 mandates that the liquidator shall ordinarily sell the assets of the

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**Reasoning:** The Tribunal found that the Liquidator deviated from the normal auction route without any

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**Interpretation:** The provision is interpreted to mean that private sales should only be

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**Application:** In this case, the Tribunal found that the conditions for a private sale were

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## Parties

- **Judges:** Ashok Bh…; Arun Ba…
- **Appellants:** Bhavik Bhi…
- **Respondents:** Neelkanth…; NTCP…; +2 more
- **Other parties:** Nirav Dho…; Raju T…; +4 more
- **Advocates:** Abhijeet…; Vishesh…; +20 more

## Timeline

- **01.03.2017 — Filing of Company…**: UITL filed Company Petition No. 21 of 2017 under Section 7 of the IBC seeking admission…
- **21.04.2017 — Admission of Company…**: Adjudicating Authority admitted the Company Petition against NTCPL for a sum of Rs. 51…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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