# In the matter of State Bank of India vs. Arvind Kumar, Liquidator of Bhagat Ram Motorways Pvt. Ltd. & Anr.

> NCLAT judgment dated 2024-11-07. Citation: TCN-2024-NCLAT-00729. The appeal is against an order dated 25.04.2024 by the National Company Law Tribunal,…

- **Court:** NCLAT
- **Order date:** 7 Nov 2024
- **Citation:** TCN-2024-NCLAT-00729
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/state-bank-of-india-vs-arvind-kumar-liquidator-of-bhagat-ram-motorways-pvt-ltd-a-c8a5621c

## Summary

### Background

The appeal is against an order dated 25.04.2024 by the National Company Law Tribunal, Chandigarh Bench, which dismissed I.A. No. 193/2024 filed under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 by the Appellant. The Corporate Applicant, Bhagat Ram Motorways Pvt. Ltd., had filed an application under Section 10 of the Code, which was admitted on 10.12.2018. Arvind Kumar was appointed as Interim Resolution Professional (IRP), confirmed by the CoC on 01.01.2019. The resolution plan was rejected, and the CoC opted for liquidation in its 10th meeting. A liquidation application was filed, and Respondent no. 1 was appointed as the Liquidator on 24.09.2019.

## Facts

Bhagat Ram Motorways Pvt. Ltd. was admitted into CIRP on 10.12.2018 after filing an application under Section 10 of the IBC.

Arvind Kumar was appointed as the Interim Resolution Professional (IRP) and later confirmed by the CoC.

The resolution plan submitted was rejected, and the CoC opted for liquidation in its 10th meeting.

Arvind Kumar was appointed as the Liquidator on 24.09.2019.

The Respondent No. 1 prepared an e-auction process information document detailing the assets allegedly owned by the CD.

The e-auction was held on 26.12.2023, and Respondent No. 2 was adjudged the highest bidder.

The Appellant filed I.A. No. 193 of 2024 before the Tribunal seeking cancellation of the e-auction sale.

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## Issues and analysis

### Issue 1: Whether the properties in question belong to the Corporate Debtor or the individuals, namely, the …

**Ratio:** The properties belong to Tushar Sharma and

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**Reasoning:** The sale deeds of 1981 and 2004, mortgage documents, and the e-auction process

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**Interpretation:** Properties purchased by individuals before the incorporation of a company and

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**Application:** The Appellate Tribunal relied on documentary evidence to conclude that the

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## Parties

- **Judges:** Rakesh Kuma…; Indevar P…
- **Appellants:** State Bank of…
- **Respondents:** Bhagat Ram…; Arvind Kumar,…
- **Other parties:** Tushar S…; Rakesh…; +1 more
- **Advocates:** Gaurav…; Ishan Ray…; +4 more

## Timeline

- **2018-12-10 — CIRP Comm…**: Application under…
- **2019-01-01 — IRP Appointment…**: Arvind Kumar's appointment…

## 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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