# In the matter of Veda Biofuel Ltd.

> NCLT judgment dated 2025-07-03. Citation: TCN-2025-NCLT-00837. The Interlocutory Application IA(IBC)/41/2025 was filed by Dr. Kondapalli Venkat Srinivas,…

- **Court:** NCLT
- **Order date:** 3 Jul 2025
- **Citation:** TCN-2025-NCLT-00837
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-amaravati/veda-biofuel-ltd-958796e4

## Summary

### Background

The Interlocutory Application IA(IBC)/41/2025 was filed by Dr. Kondapalli Venkat Srinivas, Liquidator of M/s. Veda Biofuel Limited, seeking to report the completion of the sale of the Corporate Debtor as a going concern. The application was filed under section 35 read with section 60(5)(c) of the Insolvency and Bankruptcy Code, 2016, along with relevant regulations and rules.

## Facts

The Adjudicating Authority ordered liquidation of M/s. Veda Biofuel Limited on 26.05.2020 and appointed Mr. Sisir Kumar Appikatta as the initial liquidator.

Mr. Vijay Kumar Penmetsa, the promoter of the Corporate Debtor, filed an appeal against the liquidation order, which resulted in a stay on the auction notice.

The Adjudicating Authority later held the appointment of Mr. Sisir Kumar Appikatta as illegal and appointed the Applicant, Dr. Kondapalli Venkat Srinivas, as the new liquidator on 03.09.2021.

The Applicant appointed two registered valuers to determine the realisable value of the Corporate Debtor's assets.

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## Issues and analysis

### Issue 1: Whether the Interlocutory Application IA(IBC)/41/2025 is maintainable for reporting completion of …

**Ratio:** The Adjudicating Authority held that the Applicant cannot seek reliefs and concessions

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**Reasoning:** The Authority noted that the Applicant, on one hand, sought to report completion of sale

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**Interpretation:** The terms of the sale are governed by the Process Document, and bidders are

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**Application:** The Authority dismissed the application, stating that the reliefs and

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## Parties

- **Judges:** UMESH KUMAR…; KISHORE VEMULAPALL…; +2 more
- **Appellants:** Priya Trading…; Kondapalli Venkat…
- **Respondents:** Veda Biofu…; M S Biotech…
- **Other parties:** Amara…; Sisir Kumar…; +1 more
- **Advocates:** S.V. Ramak…

## Timeline

- **2020-05-26 — Liquidation…**: Adjudicating Authority passed liquidation…
- **2020-08-19 — Public N…**: Erstwhile Liquidator issued a Public…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 35 — Powers and duties of liquidator](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-35)

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