# In the matter of Aryavrat Trading Private Limited

> NCLT judgment dated 26 Apr 2024. Citation: TCN-2024-NCLT-01574. The case originated from a Corporate Insolvency Resolution Process (CIRP) initiated by Bank of…

- **Court:** NCLT
- **Order date:** 26 Apr 2024
- **Citation:** TCN-2024-NCLT-01574
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aryavrat-trading-private-limited-78f93229

## Summary

### Background

The case originated from a Corporate Insolvency Resolution Process (CIRP) initiated by Bank of Baroda, the Operational Creditor, against Aryavrat Trading Private Limited, the Corporate Debtor. The CIRP was admitted on April 1, 2022, under Section 7 of the Insolvency and Bankruptcy Code, 2016. Initially, Mr. Pranab Kumar Chakrabarty was appointed as the Interim Resolution Professional (IRP), and subsequently, Ms. Rachna Jhunjhunwala was appointed as the Resolution Professional on July 11, 2022. The CIRP failed as no resolution plans were approved by the Committee of Creditors, leading to the liquidation of the Corporate Debtor. An application for liquidation was filed by the Resolution Professional, and on September 21, 2022, the Tribunal directed the liquidation of the

…

## Facts

The Financial Creditor initiated the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, Aryavrat Trading Private Limited, under Section 7 of the IBC. The application was admitted on April 1, 2022, marking the formal commencement of insolvency proceedings. This initial step set the stage for the subsequent events in the corporate debtor's journey through the insolvency framework.

…

## Issues and analysis

### Issue 1: Whether the date of issue of the Sale Certificate should be deemed the date of acquisition of the…

**Ratio:** The date of issue of the Sale Certificate shall be deemed the date of acquisition of the…

**Reasoning:** The court reasoned that for a successful bidder acquiring a corporate debtor as a going…

**Interpretation:** The court interpreted the acquisition date not as the date of the auction or…

**Application:** The court applied this interpretation by granting the waiver, establishing…

## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Advocates:** For the applicant:…; D. Majumder…; +2 more

## Timeline

- **April 1, 2022 — CIRP Adm…**: The Corporate Insolvency Resolution Process (CIRP) against Aryavrat Trading Private…
- **July 11, 2022 — Resolution Professional…**: Mr. Rachna Jhunjhunwala was…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/aryavrat-trading-private-limited-78f93229