# In the matter of Asian Natural Resources (India) Ltd. I.A. No. 545-2019 in TP 161 of 2019 C.P. (I.B) No. 19-7-NCLT-AHM-2017

> NCLT judgment dated 2020-05-29. Citation: TCN-2020-NCLT-01274. The case involves an application (IA 545 of 2019) filed by the Liquidator of Asian Natural…

- **Court:** NCLT
- **Order date:** 29 May 2020
- **Citation:** TCN-2020-NCLT-01274
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/asian-natural-resources-india-ltd-ia-no-545-2019-in-tp-161-of-2019-cp-ib-no-19-7-4e7c12e2

## Summary

### Background

The case involves an application (IA 545 of 2019) filed by the Liquidator of Asian Natural Resources (India) Limited in connection with the Corporate Insolvency Resolution Process (CIRP) initiated against the company. The CIRP was initiated by IDBI Bank under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The Adjudicating Authority admitted the application on 2017-05-23. Subsequently, the Committee of Creditors (CoC) decided to liquidate the company, and the Adjudicating Authority admitted the liquidation application on 2018-02-09, appointing the applicant as the Liquidator.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against Asian Natural Resources (India) Limited by IDBI Bank, a financial creditor. The Adjudicating Authority admitted the application under Section 7 of the Insolvency and Bankruptcy Code (IBC) on 2017-05-23. The Committee of Creditors (CoC) decided to liquidate the company, and the Adjudicating Authority admitted the liquidation application on 2018-02-09, appointing Mr. Abhishek Nagori as the Liquidator. The Liquidator filed an application (IA 545 of 2019) seeking permission to continue pending legal proceedings and initiate fresh ones on behalf of the Corporate Debtor. The application was filed under section 33(5) read with 35(1)(k) of the Insolvency and Bankruptcy Code, 2016. Subsequent to the order

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## Issues and analysis

### Issue 1: Whether the Liquidator should be granted permission to continue pending legal proceedings …

**Ratio:** Section 35(1)(k) of the Insolvency and Bankruptcy Code (IBC) casts an obligation on the

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**Reasoning:** The Adjudicating Authority reasoned that the moratorium under Section 14 of the IBC is no

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**Interpretation:** Section 35(1)(k) is interpreted to mean that the Liquidator has a duty to

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**Application:** The Adjudicating Authority applied this principle to the specific facts,

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## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Appellants:** Abhishek…
- **Respondents:** Asian Natural…

## Timeline

- **2017-05-23 — CIRP Init…**: Adjudicating Authority admitted the application filed under Section 7 of the Code by IDBI…
- **2018-01-05 — CoC Meet…**: Committee of Creditors (CoC) decided to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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