# In the matter of Liberty House Group Pte. Ltd. Vs. State Bank of India & Ors CA(AT)(Ins)724-725,870 of 2019

> NCLAT judgment dated 2020-02-17. Citation: TCN-2020-NCLAT-00396. The case involves multiple appeals (724, 725, and 870 of 2019) before the National Company…

- **Court:** NCLAT
- **Order date:** 17 Feb 2020
- **Citation:** TCN-2020-NCLAT-00396
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/liberty-house-group-pte-ltd-vs-state-bank-of-india-ors-ca-9f164e62

## Summary

### Background

The case involves multiple appeals (724, 725, and 870 of 2019) before the National Company Law Appellate Tribunal (NCLAT) concerning the insolvency resolution of Liberty House Group Pte. Ltd. The appeals relate to the corporate insolvency resolution process and associated costs. The appellant has submitted that the amount in terms of the earlier order dated 21st January, 2020 has been paid. The Committee of Creditors has also accepted the same.

## Facts

Liberty House Group Pte. Ltd. is the appellant in multiple appeals (724, 725, and 870 of 2019) before the NCLAT. State Bank of India & Ors. are the respondents in appeals 724 and 725, while State Bank of India is the appellant and Liberty House Group Pte. Ltd. is the respondent in appeal 870. The core issue revolves around the corporate insolvency resolution process and associated costs. The appellant claims to have paid the amount as per the earlier order dated 21st January, 2020, which the Committee of Creditors has accepted. The order of liquidation was stayed, and the Liquidator was directed to function as Resolution Professional. The appellant provided a table of payments, including financial creditors' dues and CIRP costs. The Resolution Professional is

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## Issues and analysis

### Issue 1: Whether the order of liquidation should be …

**Ratio:** When developments occur that suggest compliance with the resolution plan and payment of

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**Reasoning:** The court noted that the appellant had submitted that the amount in terms of the earlier

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**Interpretation:** This implies that the court prioritizes the continuation of the resolution

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**Application:** Given the appellant's submission and the Committee of Creditors' acceptance,

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Respondents:** Liberty House…; State Bank of…

## Timeline

- **2020-01-21 — Earlier…**: An earlier order was issued, and the appellant claims to have paid the amount in terms of…
- **2020-02-17 — Current…**: The NCLAT stayed the order of liquidation, directed the 'Liquidator' to function as…

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