# In the matter of Sri Vethaa Dairy Pvt. Ltd. vs. Jayashree S Iyer and Anr.

> NCLAT judgment dated 2025-04-30. Citation: TCN-2025-NCLAT-00074. The case involves an appeal against an order passed by the NCLT, Chennai, in…

- **Court:** NCLAT
- **Order date:** 30 Apr 2025
- **Citation:** TCN-2025-NCLAT-00074
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/sri-vethaa-dairy-pvt-ltd-vs-jayashree-s-iyer-and-anr-8be79fa1

## Summary

### Background

The case involves an appeal against an order passed by the NCLT, Chennai, in IA(IBC)/2452/CHE/2024, which was preferred in CP/481/IB/CB/2020. The appellant sought clarification of an earlier order dated 02.09.2024, but the application was rejected. The appeal is filed under Section 61 of the I&B Code, 2016. The core issue revolves around whether the sale should be of the 'Corporate Debtor as a going concern' or the 'Business of the Corporate Debtor as a going concern'.

## Facts

M/s. Sri Vethaa Dairy Private Limited, represented by its Managing Director Mr. N. Ramesh, filed an appeal against an order passed by the NCLT, Chennai. The appeal was filed under Section 61 of the I&B Code, 2016. The appellant was a successful auction purchaser. The impugned order was passed in IA(IBC)/2452/CHE/2024, which was preferred in CP/481/IB/CB/2020. The appellant sought clarification of an earlier order of the Ld. Tribunal, dated 02.09.2024, which was rejected. The core issue was whether the sale should be of the 'Corporate Debtor as a going concern' or the 'Business of the Corporate Debtor as a going concern'. The 10th Stakeholders Consultation Committee (SCC) allegedly resolved to change the nature of the sale on 18.03.2023, but the Appellant claimed it

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## Issues and analysis

### Issue 1: Whether the NCLT's order dated 02.09.2024 permits the sale of the business of the Corporate Debtor …

**Ratio:** The legal principle revolves around the interpretation of the NCLT's order and the scope

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**Reasoning:** The NCLAT considered the arguments presented by both parties and the circumstances

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**Interpretation:** The legal issue involves interpreting the scope and intent of the NCLT's order

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**Application:** The NCLAT applied the principle of harmonious construction to reconcile the

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## Parties

- **Judges:** Sharad Kumar…; Jatindranat…
- **Appellants:** M/s. SRI VETHAA…
- **Respondents:** GHO Agro Private…; JAYASHREE…

## Timeline

- **2023-03-18 — 10th Stakeholders Consultation Committee (SCC)…**: The 10th SCC meeting was allegedly held, where a resolution was passed to change the…
- **2024-02-16 — Request Letter to…**: The Appellant sent a request letter to the liquidator regarding the change in the…

## Legal provisions

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

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