# In the matter of ABG Shipyard Ltd. IA No. 698 of 2020 in C.P. No. (IB) 53 of 2017

> NCLT judgment dated 2020-12-02. Citation: TCN-2020-NCLT-00186. The case involves an application (IA 698 of 2020) filed in the matter of the liquidation of ABG…

- **Court:** NCLT
- **Order date:** 2 Dec 2020
- **Citation:** TCN-2020-NCLT-00186
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/abg-shipyard-ltd-ia-no-698-of-2020-in-cp-no-ib-53-of-2017-28e03e20

## Summary

### Background

The case involves an application (IA 698 of 2020) filed in the matter of the liquidation of ABG Shipyard Limited, a corporate debtor undergoing liquidation under the Insolvency and Bankruptcy Code (IBC), 2016. The corporate insolvency resolution process (CIRP) was initiated against ABG Shipyard Limited, and it was admitted on 01.08.2017. Sundaresh Bhat was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Since no resolution plan was approved by the Committee of Creditors (CoC), a liquidation application was filed, and a liquidation order was passed on 25.04.2019. The liquidator attempted to sell the assets of the corporate debtor through public auction (e-auction) starting from 17 September 2019, but failed

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## Facts

The Corporate Insolvency Resolution Process (CIRP) against ABG Shipyard Limited was initiated and admitted on 01.08.2017. Sundaresh Bhat was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP). Since no resolution plan was approved by the Committee of Creditors (CoC), a liquidation application was filed, and a liquidation order was passed on 25.04.2019. The liquidator, Sundaresh Bhat, attempted to sell the assets of the Corporate Debtor through public auction (e-auction) starting from 17 September 2019, but failed in four consecutive attempts. The applicant has attempted to understand the local market scenario and learnt regarding the possibility of attracting few buyers. However, the time frame of payment of

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## Issues and analysis

### Issue 1: Whether the Liquidator, with respect to the assets of the Corporate Debtor (in liquidation) of …

**Ratio:** The amendment benefit cannot be granted to the Applicant retrospectively in view of the

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**Reasoning:** The court reasoned that the liquidation application was allowed much prior to the

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**Interpretation:** The interpretation of the amendment to the Liquidation Regulations and the IBBI

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**Application:** In this case, the liquidation order was passed on 25.04.2019, which is before

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Appellants:** Sundaresh Bhatt…
- **Respondents:** ABG Shipyard…; ICICI Ban…

## Timeline

- **2017-08-01 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP)…
- **2019-04-25 — Liquidation…**: Liquidation order was passed as no…

## 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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