# In the matter of Rocksand Minerals Pvt. Ltd. & Ors. vs. J. Karthiga & Ors.

> NCLAT judgment dated 2024-07-24. Citation: TCN-2024-NCLAT-00305. The appellant, a successful resolution applicant, challenged an order dated March 20, 2024,…

- **Court:** NCLAT
- **Order date:** 24 Jul 2024
- **Citation:** TCN-2024-NCLAT-00305
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/rocksand-minerals-pvt-ltd-ors-vs-j-karthiga-ors-aa938834

## Summary

### Background

The appellant, a successful resolution applicant, challenged an order dated March 20, 2024, passed by the NCLT, Chennai Bench, which directed the enforcement of the Resolution Plan subject to certain conditions. The appeal sought to lift an attachment that was creating an embargo on the implementation of the Resolution Plan.

## Facts

The appellant, M/S. Rocksand Minerals Private Limited, is a successful resolution applicant in the Company Appeal (AT) (CH) (Ins) No. 127/2024. The appellant challenged an order dated March 20, 2024, issued by the National Company Law Tribunal (NCLT), Chennai Bench, in M.A. No. 37 of 2021, which was preferred in C.P.(IB) No.1006/IB/2018. The impugned order directed the enforcement of the Resolution Plan, but subject to certain conditions outlined in its operative portion. The matter was listed for an early hearing on IA No. 691/2024, filed by the appellant. During arguments, the respondent's counsel highlighted that the relief sought by the appellant, specifically the lifting of an attachment, was already addressed. This attachment was creating an embargo on the

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## Issues and analysis

### Issue 1: Whether the relief sought by the appellant for lifting the attachment, which creates an embargo on …

**Ratio:** A successful resolution applicant, for the purpose of enforcing a resolution plan, must

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**Reasoning:** The NCLAT noted that Sub-Regulation 8 of Regulation 39 of the Regulations of 2016

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**Interpretation:** The court interpreted Sub-Regulation 8 of Regulation 39 to mean that the

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**Application:** Given that the existing legal framework and the NCLT's order already provide a

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## Parties

- **Judges:** Sharad Kumar…; Jatindranat…
- **Appellants:** M/S. ROCKSAND…
- **Respondents:** J. Kart…; J. Karthiga…; +4 more
- **Advocates:** For Appel…; Nishitha,…; +6 more

## Timeline

- **March 20, 2024 — Impugned…**: The Adjudicating Authority National Company Law Tribunal, Chennai Bench, passed an order…
- **July 24, 2024 — Appeal He…**: The Company Appeal (AT) (CH) (Ins) No. 127/2024 was listed for hearing on IA No.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61(3) — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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