# In the matter of Liberty House Group Pte Ltd. vs. Dinkar T. Venkatasubramanian

> NCLAT judgment dated 2023-11-17. Citation: TCN-2023-NCLAT-00072. This case involves an appeal filed by Liberty House Group Pte Ltd. (LHG) against an order…

- **Court:** NCLAT
- **Order date:** 17 Nov 2023
- **Citation:** TCN-2023-NCLAT-00072
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/liberty-house-group-pte-ltd-vs-dinkar-t-venkatasubramanian-67e3675b

## Summary

### Background

This case involves an appeal filed by Liberty House Group Pte Ltd. (LHG) against an order dated 15.03.2019 passed by the Adjudicating Authority (National Company Law Tribunal, Chandigarh Bench, Chandigarh). The order allowed an application filed by State Bank of India (SBI), a financial creditor, bearing CA Nos. 592 of 2018, and consequently permitted the withdrawal of an application filed by the Resolution Professional (RP) bearing CA No. 364 of 2018 for approval of the resolution plan of LHG. The Corporate Debtor is Castex Technologies Limited (CTL). The CIRP was initiated by SBI under Section 7 of the Insolvency and Bankruptcy Code, 2016.

## Facts

State Bank of India (SBI) initiated Corporate Insolvency Resolution Process (CIRP) against Castex Technologies Limited (CTL) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The CIRP was initiated based on an application bearing CP(IB) No. 116/Chd/Hry/2017. Liberty House Group Pte Ltd. (LHG) submitted a resolution plan for CTL. The Resolution Professional (RP) issued a process memorandum detailing the CIRP process. LHG was required to submit a Bid Bond Guarantee (BBG) of Rs. 40 Crores and subsequently a performance guarantee of Rs. 100 Crores. LHG submitted its Expression of Interest (EOI) on 27.01.2018. The CoC approved the resolution plan submitted by LHG with 98.80% of the voting share on 30.08.2018. LHG failed to provide the performance guarantee of Rs.

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## Issues and analysis

### Issue 1: Whether the observations made by the Adjudicating Authority against Liberty House Group Pte Ltd. …

**Ratio:** The NCLAT held that observations made by the Adjudicating Authority, which are relevant

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**Reasoning:** The NCLAT reasoned that the observations were made in the context of LHG's failure to

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**Interpretation:** The interpretation is that the Adjudicating Authority has the right to make

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**Application:** In this case, the NCLAT applied the ratio by refusing to expunge the

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## Parties

- **Judges:** Rakesh Kuma…; Naresh Sa…
- **Appellants:** Liberty House…
- **Respondents:** Castex Technologie…; Dinkar T.…

## Timeline

- **2017-12-20 — Admission o…**: CIRP initiated against Castex Technologies…
- **2017-12-22 — Appointment…**: Interim Resolution…

## 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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